Millions of Americans could be in for a financial boost as the IRS begins issuing surprise payments of up to $1,400. This initiative focuses on taxpayers who missed out on previous stimulus checks or did not claim the Recovery Rebate Credit (RRC) on their 2021 tax returns. Here’s everything you need to know about these payments, eligibility, and when to expect your money.
Who’s Eligible for the $1,400 Payments?
To qualify for this payment, you must meet these criteria:
- You filed a 2021 tax return but didn’t claim the RRC or entered $0, even though you were eligible.
- Your adjusted gross income (AGI) in 2021 was below these thresholds:
- $80,000 for single filers.
- $120,000 for heads of household.
- $160,000 for married couples filing jointly.
- You weren’t claimed as a dependent on someone else’s tax return.
- You have a valid Social Security Number (SSN).
How Will the Payments Be Sent?
Eligible individuals will receive their payments automatically:
- Direct deposits will be sent to the bank account provided on your 2023 tax return.
- If direct deposit information isn’t available, a paper check will be mailed to the address on file.
The IRS began processing payments in December 2024, with most funds expected to arrive by late January 2025.
Why Are These Payments Happening?
During the COVID-19 pandemic, three rounds of stimulus checks were issued. However, many eligible individuals either didn’t receive their payments or didn’t claim the Recovery Rebate Credit when filing their taxes. This effort ensures those who were missed get the financial support they are owed.
What if You Haven’t Filed Your 2021 Tax Return?
You still have time if you haven’t filed your 2021 tax return. The deadline to file and claim your RRC is April 15, 2025. Filing promptly will ensure you get the credit or refund due to you.
What to Do Next
No action is needed if you qualify payments are being processed automatically. However, if you’re unsure about your eligibility or want to track your payment, visit the official IRS website and use their “Get My Payment” tool.
Stay informed and act quickly if you think you might be eligible. Don’t leave money on the table!