The IRS has revealed that $7,500 stimulus checks will soon be issued to help Americans who missed previous rounds of stimulus payments. This new payout aims to correct oversights in 2021 tax returns where many eligible individuals didn’t claim their Recovery Rebate Credit. Here’s what you need to know about eligibility, payment details, and when you can expect your check.
Why These Payments Are Being Issued
During the COVID-19 pandemic, many Americans were eligible for Economic Impact Payments (EIPs), but some didn’t receive them. The IRS has now identified about one million taxpayers who should have received those funds but missed out because they didn’t claim the Recovery Rebate Credit on their tax returns.
Instead of requiring those individuals to file an amended tax return, the IRS is automatically sending out payments of up to $7,500 to those who qualify.
Who Qualifies for the $7,500 Stimulus Check?
The IRS has set specific criteria for eligibility:
- Seniors aged 65 or older are automatically considered if they meet income and filing conditions.
- Individuals under 65 with qualifying disabilities may also be eligible if they receive taxable disability income.
For those under 65, the IRS follows the Social Security Administration’s guidelines on disability, meaning the condition must prevent significant work and last for at least 12 months. Applicants who don’t receive Social Security Disability Income (SSDI) may still qualify if they receive disability benefits through an employer-sponsored plan and provide a letter from their doctor confirming their condition.
When Will Payments Be Sent Out?
The IRS has confirmed that payments will be issued as a one-time stimulus check. However, a specific payment date has not yet been set. The IRS advises eligible taxpayers to stay updated through official communications.
These payments won’t follow the monthly schedule of Social Security checks, so it’s important to keep an eye on any announcements regarding when they’ll be sent out. Once eligibility is confirmed, the IRS will send a letter informing recipients about their payment.
How to Check Your Eligibility
To see if you might be on the IRS’s list, review your 2021 tax return. If you left the Recovery Rebate Credit field blank or entered $0, you may be eligible. The IRS is handling this process automatically, so there’s no need to submit additional forms or amend your previous tax return.
What You Need to Know
- No Action Required: If the IRS determines you’re eligible, you’ll receive the payment automatically.
- Notification Letters: The IRS will notify you via mail once your payment is confirmed.
- Check Your Records: If you believe you should qualify, review your past tax filings or consult with a tax professional.
Final Thoughts
The $7,500 stimulus check program is designed to give financial relief to eligible seniors and disabled individuals who missed out on previous payments. With automatic distribution and no additional paperwork needed, this is a lifeline that many could benefit from. Stay informed and check your mailbox for any updates!
