In an effort to support individuals who missed out on earlier pandemic-related payments, the IRS will distribute stimulus checks of up to $1,312 this January. These payments are aimed at taxpayers who didn’t claim the Recovery Rebate Credit (RRC) on their 2021 tax returns.
Who’s Eligible for the Payment?
To qualify for this financial boost:
- Missed Recovery Rebate Credit: You didn’t claim the RRC on your 2021 taxes, even though you were eligible.
- Income Limits: Your adjusted gross income (AGI) must not exceed $80,000 for single filers, $120,000 for heads of household, or $160,000 for married couples filing jointly.
- Tax Return Filed: You must have submitted your 2021 tax return, and you cannot be claimed as a dependent by someone else.
How Much Will You Get?
Eligible individuals will receive up to $1,312, with additional amounts for dependents. These checks will be sent automatically, so there’s no need to refile or take further action. Payments will be delivered either via direct deposit or mailed paper checks, based on your latest tax return information.
When Will the Checks Arrive?
The IRS has confirmed that payments will begin reaching taxpayers by late January 2025. Letters explaining the payment details, including the amount and delivery method, will follow soon after.
What If I Haven’t Filed My Taxes?
For those who still haven’t filed their 2021 returns, it’s not too late. You can still claim the Recovery Rebate Credit by submitting your tax return before April 15, 2025. Acting quickly ensures you won’t miss out on this and any other refunds you’re eligible for.
A Look Back: Why This Payment Matters
The COVID-19 pandemic saw three rounds of stimulus payments sent to millions of Americans, but many eligible individuals missed out due to tax filing complexities. The current effort by the IRS is designed to close this gap, ensuring that those who qualify receive the financial assistance they’re owed.
This initiative reflects the government’s commitment to supporting families and individuals still facing financial challenges. Keep an eye out for your payment, and don’t miss this chance to secure the financial relief you deserve!
