One million Americans who, for a variety of reasons, were not eligible for this aid during earlier rounds of Economic Impact Payments will now receive a $1,400 stimulus check from the Internal Revenue Service (IRS).
As part of efforts to lessen the financial effects of the COVID-19 pandemic, President Joe Biden signed the third stimulus check, which created an economic gap that this policy aims to fill.
This is the first of three installments of the stimulus check. The third round was granted at the beginning of Biden’s term, whereas the first two rounds were authorized during the administration of Donald Trump. The latter payment was meant to help families who had suffered financial setbacks as a result of the pandemic.
Where does this stimulus check come from?
Many eligible individuals, however, failed to claim the equivalent stimulus check on their tax return through the so-called Recovery Rebate Credit, according to an IRS review. The agency has therefore chosen to disburse these payments automatically, obviating the need for taxpayers to take any further action.
Beginning at the end of December 2024, payments will be made through January 2025. Payments will mostly be paid by direct deposits into the bank accounts of qualified taxpayers, the IRS has confirmed. This procedure guarantees quicker and more effective delivery of funds.
Who is eligible?
Eligibility for this stimulus payment is determined by the tax information in the IRS system. “We are issuing these payments automatically, without people having to file an amended return to receive them, in an effort to minimize the burden and streamline the process,” stated Danny Werfel, the Commissioner of the Internal Revenue Service.
Taxpayers can check their eligibility by going to the Recovery Rebate Credit page on the IRS website. For the 2020 or 2021 tax years, they will discover comprehensive details regarding the prerequisites for claiming the credit.
How to check the status of your payment
Even though the Get My Payment app is no longer accessible, you can safely check the status of past payments by logging into your online IRS account. The sums received in the three rounds of Economic Impact Payments are detailed in the tax records section.
This tool can assist you in verifying and resolving any differences if you’re unsure whether you got all of the necessary payments. The IRS offers help via its customer service lines if you have any more inquiries.
The economic impact of these checks
This $1,400 check provides a great deal of respite for numerous families from the financial hardships of the past few years. This money can be saved for the future, used to pay down debt, or utilized to cover necessities.
The goal of the IRS’s decision to make these payments automatically is to guarantee that all qualified taxpayers get the help they are entitled to without having to deal with onerous bureaucratic processes.
The goal of the $1,400 IRS stimulus payment is to fill in the holes in the economy caused by the pandemic. One million people will be able to access financial aid that they were previously unable to obtain because of this endeavor. Make sure you comprehend the procedure and go over the information on the IRS page if you think you might qualify.
In addition to offering many families instant comfort, this automated payment serves as a reminder of how crucial it is to maintain current tax information and stay on the lookout for future opportunities.
See Also: Who is Affected by the Change in Social Security’s Retirement Age?
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.