Recent buzz about a $7,500 stimulus check has left many Americans wondering if they’ll be getting extra cash in 2025. While rumors have been flying, the IRS recently announced an automatic payment plan for certain taxpayers, but it may not be the windfall you’re expecting. Let’s break it down.
What’s Actually Happening with IRS Payments in 2025?
The IRS is set to issue payments to roughly one million taxpayers who missed out on the Recovery Rebate Credit in 2021. If you filed a tax return that year but didn’t claim this credit perhaps by leaving the section blank or incorrectly entering $0, you might be eligible for up to $1,400.
These payments will be sent automatically, with no action needed on your part. Funds will arrive in your bank account or by mail, depending on how you received your 2023 tax refund. The IRS expects to wrap up this process by late January 2025.
What’s the Recovery Rebate Credit?
The Recovery Rebate Credit was designed to help people who didn’t receive their full Economic Impact Payments (also known as stimulus checks) during the pandemic. If you missed out or didn’t get the right amount in 2021, the IRS is stepping in to make sure you get what’s owed. The maximum payment is $1,400 per person.
The $7,500 Stimulus Check: Real or Rumor?
The internet has been buzzing about a $7,500 stimulus check, especially for seniors and people on Social Security Disability Insurance (SSDI). However, the IRS has not announced any payments of this size. The current program only involves the Recovery Rebate Credit payments from 2021 tax returns.
While there’s no confirmation of a $7,500 check, it’s always wise to stay updated through official IRS channels to avoid misinformation.
What Should You Do Next?
If you didn’t file a 2021 tax return, it’s not too late to claim the Recovery Rebate Credit. The IRS has extended the deadline for filing until April 15, 2025. This includes people with little or no income who don’t usually file taxes. By filing, you can confirm if you’re eligible for this credit and avoid missing out on payments.
For those unsure of their eligibility, consulting with a tax professional can help you figure out whether you qualify for these automatic payments or if there’s anything else you need to claim.
Stay Informed
While the idea of a $7,500 stimulus check sounds exciting, it’s important to rely on accurate information. The IRS has not made any statements about such payments, and current efforts are focused solely on ensuring taxpayers get the Recovery Rebate Credit from 2021. Stay alert for updates from trusted sources, and don’t fall for false claims.
In the meantime, check your tax records, file if needed, and watch your bank account for any payments you might be eligible for this month!
