The IRS has announced that final $1,400 stimulus checks are on their way to over one million eligible Americans. If you missed out on earlier rounds of stimulus payments, this could be your last chance to claim the funds through the Recovery Rebate Credit. Here’s what you need to know about eligibility and how to receive the payment.
Who’s Getting the $1,400 Stimulus Payment?
The payments are being sent to taxpayers who filed a 2021 tax return but either left the Recovery Rebate Credit section blank or entered the wrong amount, which caused them to miss the stimulus payment. Instead of making people file an amended tax return, the IRS is sending these payments automatically.
If you’re eligible, the IRS will deposit the money directly into your bank account or send you a check to the address on file. A notification letter will be mailed separately, confirming the payment.
How Will You Receive the Payment?
- Direct Deposit: If you provide your bank details when filing your 2023 taxes, the payment will be deposited directly into your account.
- Paper Check: If you didn’t provide direct deposit information or your bank account has changed, you’ll receive a paper check at your most recent address on file.
What If You Haven’t Filed a 2021 Tax Return?
You’re not out of luck! Even if you didn’t file taxes for 2021, you can still claim the $1,400 stimulus by submitting your 2021 tax return before April 15, 2025. This applies even if you had little or no income during that year. The filing could also allow you to claim any additional refunds or credits you might be owed.
What Are the Requirements to Qualify?
To be eligible for the $1,400 payment, you must meet the following criteria:
- You must have been eligible for the original stimulus payment under the American Rescue Plan Act of 2021.
- You didn’t receive the full $1,400 payment in 2021.
- You filed or will file a 2021 tax return claiming the Recovery Rebate Credit.
Act Now to Claim Any Missing Stimulus Payments
The IRS advises anyone who believes they are eligible but hasn’t yet filed a 2021 return to do so as soon as possible. The deadline to file and claim the credit is April 15, 2025. Waiting too long could mean missing out on the $1,400 payment permanently.
If you’re unsure of your eligibility or need help filing, consider reaching out to a tax professional or using free IRS tax-filing resources.
