$1,400 Stimulus Checks May Be Sent by Month’s End: Are You Eligible?
Taxpayers could receive a stimulus check of up to $1,400 by the end of this month, depending on how they filed their 2021 tax returns.
The Internal Revenue Service (IRS) announced in December that it will distribute approximately $2.4 billion in stimulus payments—up to $1,400 per individual—to eligible taxpayers who did not claim the Recovery Rebate Credit on their 2021 returns.
This round of payments follows an IRS review revealing that many eligible taxpayers had overlooked the Recovery Rebate Credit. This refundable credit is designed for individuals who did not receive one or more Economic Impact Payments, commonly known as stimulus checks, during earlier distribution rounds.
Here’s what you need to know about the latest IRS stimulus payments and how to determine your eligibility.
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Who Is Eligible for the Latest IRS Stimulus Check?
Taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns are eligible for the current round of stimulus checks.
To verify eligibility, taxpayers can review their 2021 tax return and check whether they left the Recovery Rebate Credit field blank or reported it as $0.
How Do Taxpayers Claim the Latest IRS Stimulus Check?
Taxpayers do not need to take any action to receive the latest stimulus check. The IRS began sending out automatic payments in December, and distributions will continue through late January.
Eligible taxpayers will receive a notice informing them of the payment, which will either be directly deposited into their account or sent via paper check.
How Much Money Will Taxpayers Receive?
Eligible taxpayers could receive up to $1,400, according to the IRS.
What If a Taxpayer Didn’t File a 2021 Tax Return?
Taxpayers who did not file a 2021 tax return may still be eligible for the stimulus check if they file their return and claim the Recovery Rebate Credit by April 15, as per IRS guidelines.
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