The procedure of filing a tax return can be challenging, particularly when special programs are introduced suddenly or tax regulations change, as was the situation during the COVID-19 pandemic.
Regarding the latter, three rounds of Economic Impact Payments (EIPs), sometimes referred to as stimulus payments, were approved by the federal government. Three of them matched 2021, and two matched 2020.
Since the stimulus checks were advance tax credits for the fiscal year in which they were approved, the majority of taxpayers received them automatically from the Internal Revenue Services shortly after they were approved.
However, because they were either first-time taxpayers or had not filed a tax return in 2019, the IRS did not have information on file for every American who qualified for one.
Thankfully, the tax credit was available to them when they submitted their tax returns for the fiscal year that the stimulus payments took place.
Regretfully, the stimulus money was never given to people who did not claim it on their tax returns through the Recovery Rebate Credit. The good news is that the IRS has started paying those who were qualified but did not claim the credit in an effort to make things right.
$1,400 stimulus checks should arrive by the end of January
After examining its records, the IRS revealed in December that a million people were owed roughly $2.4 billion in money from the third EIP.
The taxpayers did not claim the $1,400 they were eligible for, which was authorized for all eligible American men, women, and children.
There is nothing you need to do if you filed a 2021 tax return but did not use the Recovery Rebate Credit to receive the stimulus payout. We’re making these payments automatic to reduce hassles and ensure that eligible taxpayers receive the money without having to go through the laborious process of filing an amended return, said IRS Commissioner Danny Werfel.
For individuals who use direct deposit with the IRS, most of the payments should reach bank accounts by the end of January. They can take a bit longer to arrive if they are sent as paper checks.
If you fulfill the eligibility conditions, you still have time to collect money if you did not submit a tax return for the fiscal year 2021, but you should move soon.
April 15, 2025 is the cutoff date for submitting a 2021 tax return and receiving the Recovery Rebate Credit. The IRS states that the maximum payout is $1,400 per individual, though the amounts vary based on a number of criteria.
If you match the eligibility requirements, you might also be eligible for other tax credits for that year, such as the enlarged Child Tax Credit if you had a child or children who were 17 years of age or younger at the end of 2021.
How can I find out if I ll receive a $1,400 stimulus check from the IRS?
To find out if you qualify for one of the IRS’s automatic $1,400 checks, review your 2021 tax return. If you file a claim for credit or refund after filing your return, the Internal Revenue Service requires you to maintain records for three years from the date of your initial return or two years from the date of tax payment, whichever comes first.
Additionally, you can use your ID.me account to access your tax records online. Consider purchasing one if you don’t currently have one. You can use it to safeguard your digital identity across many websites, prevent online impersonation, and access Social Security information in addition to checking tax records.
See Also: Verified Social Security & SSDI $3,250 Direct Payments: Are You Eligible and When Will They Arrive?
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.