In a major effort to provide relief, the Internal Revenue Service (IRS) has announced that over one million Americans will soon receive automatic payments of $1,400. These payments aim to help those who missed out on earlier rounds of stimulus checks during the pandemic. The total payout for this program is expected to reach an impressive $2.4 billion, with the funds arriving by late January 2025.
Why Are These Payments Being Sent Now?
During the COVID-19 pandemic, the federal government issued three rounds of Economic Impact Payments (EIPs) to help individuals and families manage financial hardships. Despite these efforts, many eligible taxpayers either didn’t receive their checks or received less money than they were supposed to.
To fix this, the government introduced the Recovery Rebate Credit (RRC)—a way for people to claim any missed payments by filing a tax return. But after reviewing 2021 tax returns, the IRS discovered that about one million people either left this credit section blank or entered $0 by mistake. Now, they’re correcting this issue automatically.
Who Will Get These Payments?
The IRS is targeting taxpayers who were eligible for the credit but failed to properly claim it. No action is required to receive the payment. If you’re eligible, you’ll either get the money directly deposited into your bank account or receive a paper check at the address on your tax return.
When Will You Get Paid?
The IRS has already begun processing the payments, and most recipients will have their money by the end of January 2025. To keep taxpayers informed, the agency will also send out letters to notify them about their eligibility and expected payment dates.
Still Haven’t Filed Your 2021 Tax Return? There’s Still Time
If you missed out on previous stimulus checks and haven’t filed your 2021 tax return, you still have a chance to claim the Recovery Rebate Credit. The IRS has set April 15, 2025, as the deadline for filing. Even if you have little to no income, filing a return could get you this credit or other refunds you may qualify for.
Why This Matters
With inflation continuing to impact the cost of living, this unexpected financial boost could be a lifeline for many families. From covering bills to paying off debt or simply having a little extra cushion, these automatic payments are designed to provide relief with minimal hassle.
So, check your mailbox—or your bank account—because help could be on the way. If you’ve missed out before, this could be your chance to get the financial support you need.
