How to Get Up to $1,400 from the IRS: What You Need to Know
If you're an American taxpayer, there's good news: The IRS is issuing special payments of up to $1,400 to about a million eligible people. These payments are part of an effort to ensure that taxpayers who lost their 2021 recovery credit get their money back. Here's everything you need to know about these payments and how to find out if you qualify.
Why is the IRS sending these payments?
In 2021, millions of Americans received stimulus checks as part of federal relief efforts. However, some taxpayers did not claim the Recovery Rebate Credit on their tax returns or claimed it incorrectly. To address this issue, the IRS is now releasing these payments to those who missed out.
Who is entitled to this payment?
The IRS has clarified that these payments are for taxpayers who:
- Filed their 2021 tax return but did not claim the Recovery Rebate Credit.
- Were eligible for 2021 stimulus payments but did not receive the full amount.
If this sounds like you, don't worry: these payments will be sent automatically. You don't need to take any action if you've already filed your 2021 tax return.
How will you receive your payment?
The IRS will issue these payments by direct deposit or by sending a check to the address you provided on file. Most eligible people should expect to receive their money by the end of January 2025.
What should you do if you haven't filed your 2021 tax return?
If you haven't filed your 2021 tax return, you still have time to claim this money. By filing your tax return by April 15, 2025, you can claim the Recovery Rebate Credit. Even if you didn't file or aren't required to file a return, filing a return can help ensure you don't miss out.
How to Check Your Eligibility
To check if you qualify for this payment:
- Log in to your IRS account at irs.gov.
- Check your 2021 tax return for the Recovery Rebate Credit section.
Why it matters
With inflation and the rising cost of living, every dollar counts. This payment can help cover bills, groceries, or other essentials for millions of Americans.
Final Thoughts
The IRS's efforts to distribute these payments ensure that no one misses out on the financial assistance they are entitled to. If you think you qualify but haven't received your payment, take a few minutes to check your 2021 tax records.
Don't miss this opportunity: your $1,400 could be right around the corner!