$1,400 Stimulus Checks Are Back! Find Out If You’re Getting One This Month
Millions of Americans are set to receive long-awaited $1,400 payments from the IRS this month as part of the Recovery Rebate Credit initiative. These payments are aimed at taxpayers who missed out on claiming pandemic-related stimulus funds on their 2021 tax returns. Here’s everything you need to know about who qualifies, when the payments are expected, and what steps you need to take if you’re eligible.
What Are These Payments?
The $1,400 payments stem from the Recovery Rebate Credit, a program designed to provide financial support for individuals who didn’t receive all their Economic Impact Payments (EIPs), commonly known as stimulus checks, during the COVID-19 pandemic. Many eligible individuals either left the credit field blank or mistakenly reported $0 on their 2021 tax returns, meaning they missed out on this crucial financial aid.
To address the issue, the IRS has launched an initiative to automatically distribute payments to those who qualify.
Who Is Eligible?
These payments are specifically for taxpayers who filed their 2021 tax return but failed to claim the Recovery Rebate Credit, even though they were eligible. This includes individuals who may have been unaware of the credit or misunderstood how to claim it. Most eligible people who initially missed out are expected to receive these payments without having to take further action.
For non-filers or those who have yet to submit their 2021 tax returns, there’s still time. The IRS has set an extended deadline of April 15, 2025, to file and claim any missing stimulus funds.
How Will Payments Be Delivered?
If you’re eligible, there’s no need to worry about filing additional paperwork or amending your tax return. The IRS is automatically sending payments via direct deposit or paper checks, depending on how you filed your taxes. Most recipients can expect to see the funds in their bank accounts or mailboxes by late January. The IRS will also notify individuals with letters confirming the payment details.
Still Haven’t Filed? There’s Time
If you didn’t file a tax return in 2021 and believe you’re eligible for the Recovery Rebate Credit, it’s not too late. The IRS encourages anyone who hasn’t yet claimed the credit to file their 2021 tax return by April 15, 2025. This includes people with little or no income who weren’t required to file a tax return at the time but may now be entitled to a refund.
IRS Aims to Make Things Easier for Taxpayers
The IRS has emphasized its commitment to helping taxpayers get the financial assistance they’re entitled to. IRS Commissioner Danny Werfel said, “These payments are an example of our commitment to go the extra mile for taxpayers.” By proactively issuing payments, the IRS hopes to ease financial burdens without requiring additional steps from taxpayers.
Why This Matters
This initiative serves as a reminder to review your tax filings to ensure you’ve received all credits and refunds you’re entitled to. With billions of dollars being distributed this month, now is the perfect time to check your eligibility and avoid leaving money on the table.
