$1,400 Stimulus Payments in 2024: Who’s Getting Them and When?

The IRS is stepping in to help taxpayers who missed out on earlier stimulus payments. As part of its latest initiative, the IRS is sending out payments of up to $1,400 to eligible individuals who overlooked the Recovery Rebate Credit on their 2021 tax returns. The total amount being distributed is an impressive $2.4 billion, benefitting about one million taxpayers.

This effort aims to ensure that anyone who didn’t receive their full Economic Impact Payment (EIP) during the pandemic gets what they’re owed. If you’re one of the recipients, you won’t have to take any action—these payments are being issued automatically.

Who’s Eligible?

These payments are meant for individuals who filed their 2021 tax return but didn’t claim the Recovery Rebate Credit, either by leaving it blank or entering $0, even though they qualified for it. This credit was specifically designed for taxpayers who missed out on earlier rounds of stimulus payments in 2020 and 2021.

The IRS identified eligible individuals by reviewing tax filings and has already started sending out payments.

When and How Will You Get Paid?

The payment distribution began in December 2024, and most recipients are expected to receive their money by late January 2025. If you’re eligible, your payment will come either as a direct deposit or a paper check, depending on how you previously received your tax refunds.

For those who have changed bank accounts since filing their last tax return, don’t worry. If the direct deposit fails, the IRS will send a paper check to the address they have on file.

No New Federal Stimulus Checks—But Watch for State-Level Aid

It’s important to note that these are not new federal stimulus checks. Instead, they are payments owed from previous stimulus rounds. As of now, no new federal stimulus checks have been approved for 2024 or beyond.

That said, several states have introduced their own relief programs. For example, New Mexico offered rebates of up to $1,000 for taxpayers who filed their 2021 returns by May 31, 2024. Similarly, Arizona launched a Families Tax Rebate program, offering up to $750 for dependents.

Beware of Scams

With news of these payments making headlines, misinformation has started circulating on social media. The IRS has debunked false claims about new $1,000 federal stimulus checks. To stay safe, always rely on official IRS updates or consult a trusted financial advisor.

What’s Next?

If you think you’re eligible for these payments but haven’t received them, keep an eye on your mail or bank account in the coming weeks. Payments should reach most people by the end of January 2025. This initiative underscores the importance of checking your tax filings to ensure you get all the benefits you deserve.

Stay informed and be cautious of scams. The IRS is your best source for accurate and up-to-date information.