Welfare
Good news for your pocket, these are the taxpayers who will soon receive $1400 from the IRS
The IRS has announced it will send out $2.4 billion to one million beneficiaries to make sure they receive federal stimulus checks they haven’t claimed yet.
Around one million taxpayers will receive some extra money this holiday season as the Internal Revenue Service begins distribution of around $2.4 billion of unclaimed federal stimulus checks.
The IRS has announced it will start issuing automatic payments later this month to qualified people who have not claimed the Recovery Rebate Credit on their 2021 tax returns.
This Recovery Rebate Credit is a tax credit created as part of the federal government’s response to the COVID-19 pandemic. It allows eligible taxpayers to claim the full amount of Economic Impact Payments or stimulus payments they were entitled to but did not receive.
The tax agency said they are sending the money after it found that many qualified taxpayers who filed a return did not claim the credit.
READ ALSO: This is the new maximum amount for Social Security beneficiaries in January 2025
The IRS will send $1,400 ‘special payments’ to 1 million people: See if you are one of the beneficiaries
The checks the IRS will distribute will vary depending on several factors, but the maximum amount is $1,400 per person. The agency assures eligible taxpayers they don’t need to take any action, as the payments will be made automatically beginning this month.
The money will be sent by the end of January at the latest to the bank account listed on the recipient’s 2023 tax return or the address on record.
READ ALSO: Social Security to send two payments some months in 2025
Most people who are qualified for the Recovery Rebate Credit have already received the money. The payments yet to be made will be given to eligible taxpayers who filed a 2021 tax return but left the data field for “Recovery Rebate Credit” blank or filled it out as $0.
The IRS also reminds taxpayers who haven’t filed 2021 tax returns that they might still be qualified to receive the payment. However, they need to meet the April 15, 2025, deadline to file their returns to claim the credit and any other refund they might be owed.
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