The Internal Revenue Service (IRS) will distribute the final stimulus cheques this month to those who are eligible.
The payments, totalling up to $1,400, will be distributed to around one million eligible US taxpayers.
These stimulus checks are part of the COVID-19 payments granted by Congress to assist Americans who were financially disadvantaged during the pandemic.
IRS stimulus checks January 2025
These future payments are not part of a fresh stimulus, but rather part of the previous Economic Impact Payments stimulus, which should have already been distributed to eligible taxpayers.
Some eligible taxpayers did not receive the stimulus funds they were entitled to because of how they completed their 2021 tax forms.
These people did not take advantage of the Recovery Rebate Credit, which allowed them to receive money for missing stimulus checks.
The majority of these people missed out on the Recovery Rebate Credit because they either left the section blank or provided incorrect information on their 2021 tax forms.
January Stimulus Check: Eligibility Criteria
Taxpayers who were eligible for the first three Covid-era stimulus cheques but did not get any of them are eligible for this month’s stimulus check.
Taxpayers are also eligible for the stimulus check if the Recovery Rebate Credit field on their 2021 tax forms was left blank or erroneously filled out. If a ‘0’ was placed in the Recovery Rebate Credit section when the taxpayer was qualified for the credit, a stimulus check is expected this month.
Typically, missing a credit on a tax return necessitates filing an updated return to get the credit.
However, after discovering that about one million taxpayers missed out on the Recovery Rebate Credit on their 2021 tax forms, the IRS has simplified the procedure of obtaining this specific missing credit.
As long as people filed their 2021 tax forms and were previously eligible for the original stimulus checks, they should be eligible for this Recovery Rebate Credit.
