The Internal Revenue Service (IRS) is sending stimulus checks this month, providing a significant financial boost to millions of US taxpayers. The new payments are for stimulus checks that were previously unclaimed during the coronavirus pandemic.
It is expected that approximately one million Americans will receive these fantastic checks, officially known as Economic Impact Payments (EIP). These payments are part of a federal effort to provide financial assistance to millions of American families who may not have received their share due to errors on previous tax forms. And no one wants to leave their money on the table, right?
Refund credit details: who qualifies and how to claim them?
The Recovery Refund Credit (RRC) payments are for taxpayers who filed their 2021 tax return but did not claim the checks they were eligible for. And that That’s a shame, friend! Money is money.
The IRS conducted an internal review, which revealed that many eligible taxpayers left the credit field blank or entered $0 on their returns.
The maximum amount that can be received per person is $1,400. The IRS has confirmed that the total amount of payments to be issued will be around $2.4 billion.
Stimulus check eligibility
To receive this stimulus check, taxpayers must have filed a 2021 tax return. Those who did not claim the Recovery Rebate Credit, despite meeting the requirements, are considered eligible. This includes those who left the corresponding field blank on their return.
Payments will be automatic, which means beneficiaries will not need to take any additional steps if they have already filed their returns. These payments will be made either through bank deposits or paper checks, depending on the taxpayer’s preferences as stated in their declaration.
Process to claim the juicy checks
The IRS will send letters informing recipients of their upcoming payments. If a taxpayer needs to file their 2021 tax return, they have plenty of time because the deadline is April 15. It is important to note that the refund cannot be claimed without first submitting the corresponding declaration.
Regarding payment timing, checks issued during the COVID era, which began to be distributed approximately four years ago, were reported to have been sent at the end of December 2024. Most taxpayers should have their payments by the end of January 2025.
IRS statements and explanations
In December 2024, IRS Commissioner Danny Werfel stated, “The IRS continues to work hard to make improvements and assist taxpayers.” These payments demonstrate our commitment to going the extra mile for taxpayers.” Werfel observed that many people did not claim this credit due to its complexity.
The commissioner assured that payments would be made automatically to speed up the process. This means that eligible taxpayers will not need to file an amended return to receive the credit.
While many taxpayers have already received their checks, those who have yet to file their 2021 tax returns should do so as soon as possible. Prompt acceptance of these statements may impact the timely receipt of the corresponding benefit.
