The IRS is issuing a final round of stimulus checks, worth up to $1,400, to over one million taxpayers who missed out on the 2021 Recovery Rebate Credit (RRC). If you didn’t get the full stimulus payment during the pandemic, this might be your chance to receive it.
The payments are being sent automatically, meaning eligible taxpayers won’t need to do anything to claim them. This is welcome news for those who either didn’t know they qualified or accidentally skipped claiming the credit on their 2021 tax returns.
Why Are These Payments Happening Now?
During the pandemic, three rounds of Economic Impact Payments (EIPs) were distributed to help Americans cope with financial hardships. However, not everyone received the full amount they were entitled to. The RRC was introduced as a way for people to claim the missing funds on their 2021 tax returns.
The IRS recently reviewed its records and found that many eligible taxpayers didn’t claim the credit, often because they left the field blank or entered $0 on their returns. To fix this, the agency decided to send the payments automatically.
Who Qualifies for the Payment?
The maximum payment amount is $1,400 per person. Your eligibility depends on your adjusted gross income (AGI) for 2021. Here are the income thresholds:
- Single Filers: AGI less than $80,000
- Married Filing Jointly: AGI less than $160,000
- Head of Household: AGI less than $112,500
If you meet these requirements and didn’t claim the RRC on your 2021 tax return, you should receive this payment soon.
What to Do If You Didn’t File a 2021 Tax Return
If you didn’t file a tax return for 2021, you might still be eligible. To get the payment, you’ll need to file your 2021 return by April 15, 2025. Even if you didn’t have much income that year, filing is the only way to claim this credit.
When Will the Payments Arrive?
Most payments are expected to reach taxpayers by the end of January 2025. They’ll be delivered through direct deposit if you provided banking information on your return. Otherwise, you’ll get a paper check in the mail.
Keep an eye on your mailbox or bank account, and look for a notice from the IRS confirming the payment.
What If You Don’t Receive It?
If you believe you qualify but don’t receive a payment by early February, review your 2021 tax return. Double-check whether you claimed the RRC. If you didn’t, filing an amended return might be an option.
For non-filers, the clock is ticking. The deadline to file and claim this credit is April 15, 2025. Don’t wait – you could be leaving money on the table!
For more information, visit the IRS website or speak to a tax professional. Millions of Americans are set to benefit from this initiative, and you could be one of them.
