If you’re hoping for a financial boost this February, you may be in luck. The IRS has announced it is sending $1,400 stimulus payments to about one million Americans as part of a push to fix past missed payments. These checks come from the Recovery Rebate Credit (RRC), which was tied to the federal government’s COVID-19 stimulus efforts.
The payments, totaling $2.4 billion, are already on their way, with many recipients expected to see them in their bank accounts or mailboxes by early February.
Why Are These Payments Being Sent Now?
The Recovery Rebate Credit was created during the pandemic to help individuals who didn’t receive the full amount of stimulus funds in 2021. But not everyone claimed it on their tax returns. In fact, many eligible taxpayers either didn’t know about the credit or forgot to file for it.
After reviewing 2021 tax returns, the IRS discovered that nearly one million people qualified for additional payments. To correct the oversight, the agency is now automatically issuing checks or direct deposits.
Do You Need to Do Anything to Get Paid?
No action is required if you’re eligible. The IRS is automatically sending the money to qualifying individuals. If you provided direct deposit information on your 2023 tax return, the funds will be deposited directly into your account. Otherwise, you’ll receive a paper check in the mail.
Additionally, you’ll receive a letter from the IRS confirming the payment. Keep an eye on both your bank account and mailbox!
Who Is Eligible for the $1,400 Stimulus Payment?
The maximum payment amount is $1,400 per person, and eligibility depends on your income:
- Single filers: Income up to $75,000 (phases out at $80,000)
- Married filing jointly: Income up to $150,000 (phases out at $160,000)
- Head of household: Income up to $112,500 (phases out at $120,000)
For example, a single person earning $74,000 in 2021 who didn’t receive their stimulus check will get the full $1,400. A married couple with two kids earning under $150,000 may qualify for up to $5,600.
What If You Didn’t File a 2021 Tax Return?
If you missed filing your 2021 taxes, there’s still time to get this payment. You have until April 15, 2025, to file your return and claim the credit. Even if you had little to no income, filing your taxes could qualify you for this or other refunds.
The IRS recommends filing electronically and opting for direct deposit to get your money faster.
What Should You Do Next?
- Check Your 2021 Tax Return: Look at Line 30 on Form 1040. If it’s blank or shows $0, you could be eligible for this payment.
- Watch Your Mail or Bank Account: The payments are automatic, so stay alert for either a direct deposit or paper check.
- File Your 2021 Taxes if You Haven’t Yet: Make sure you submit your tax return by April 15, 2025, to get any unclaimed credits.
For more details, visit the official IRS website or talk to a tax professional to confirm your eligibility. This February, your long-awaited stimulus payment could be just around the corner!
