$1,312 Stimulus Payments: The IRS is set to distribute $1,312 stimulus payments to millions of Americans who missed out on the Recovery Rebate Credit during the 2021 tax year. Here’s a breakdown of what this means, who qualifies, and how you can ensure you get your payment.
Who Is Eligible?
The payments are part of a federal effort to help individuals who didn’t claim the Recovery Rebate Credit but qualify for it. The eligibility requirements are straightforward:
| Eligibility Criteria | Details |
|---|---|
| Income Limits | – Single filers: AGI below $80,000 – Heads of household: AGI below $120,000 – Married filing jointly: AGI below $160,000 |
| Dependents | Additional payments available for qualifying dependents |
| Filing Requirement | You must have filed a 2021 tax return. If not, you can still file by April 15, 2025, to claim the credit. |
When Will You Get Your Payment?
The IRS began issuing these payments in December 2024, and most recipients should see them by late January 2025. Here’s how they’ll be distributed:
| Payment Method | Details |
|---|---|
| Direct Deposit | Funds will be sent to the bank account associated with your most recent tax return. |
| Paper Check | If no direct deposit is set up, a paper check will be mailed to the address on file. |
| Notification | The IRS will send a letter to confirm the payment and provide further details. |
Missed Out? Here’s What to Do
If you didn’t file a 2021 tax return but think you qualify, it’s not too late. The IRS allows you to file your 2021 tax return by April 15, 2025, to claim the Recovery Rebate Credit. This could secure your payment and any additional funds for dependents.
Why Are These Payments Being Sent?
During the pandemic, three rounds of Economic Impact Payments were issued to provide financial relief. However, many eligible taxpayers didn’t receive these payments due to filing errors or missing returns. This initiative ensures they get their share of relief funds.
Key Takeaways
- Eligible taxpayers will receive $1,312 automatically if they qualify.
- Check your bank account or mailbox for payments by late January 2025.
- If you didn’t file a 2021 tax return, you can still claim your payment by filing before April 15, 2025.
These payments are a critical step to ensure Americans receive overdue financial support. Stay informed, check your eligibility, and take action if needed to secure these funds.