The IRS has announced a new round of $1,400 payments targeting taxpayers who missed out on previous financial relief. These payments are part of a broader effort to ensure no one is left behind in receiving their entitled funds. Here’s what you need to know.
Why Are These Payments Important?
The $1,400 checks are a continuation of financial support efforts initiated during the pandemic. Earlier stimulus packages provided similar payments under:
- March 2020 (CARES Act): $1,200 per person.
- December 2020: $600 per person.
- March 2021 (American Rescue Plan): $1,400 per person.
These payments aimed to ease financial hardships caused by COVID-19, and the current initiative ensures that anyone who missed out still gets their due support.
Who Qualifies for the $1,400 Payment?
This initiative specifically targets individuals who:
- Filed a 2021 tax return but didn’t claim the Recovery Rebate Credit (RRC), despite being eligible.
- Missed receiving the full Economic Impact Payments (EIPs) during the pandemic.
Even if you didn’t file a 2021 tax return, it’s not too late! The IRS allows claims for the RRC until April 15, 2025, providing ample time for non-filers to submit their paperwork.
How Payments Are Sent
- Amount: Up to $1,400 per individual, based on income levels and dependents.
- Method: Payments will be directly deposited into the bank account listed on the taxpayer’s 2021 return. For those without bank details, checks will be mailed.
- Timeline: Payments began rolling out in December 2024, with most arriving by late January 2025.
No Action Required for Most People
If you’re eligible, the IRS will handle everything. Recipients will be notified through official letters detailing their payment.
Don’t Miss Out on This Opportunity
If you haven’t yet filed a 2021 tax return, take action soon to claim the Recovery Rebate Credit. Every bit counts, and this payment could make a significant difference for those in need.
