IRS Sending $1,400 Payments to 1 Million Taxpayers: Are You Eligible?

The Internal Revenue Service (IRS) announced on December 20 that it will send special payments of up to $1,400 to one million eligible taxpayers. These payments are slated to be distributed later this month.

Who Is Eligible?

The payments are intended for individuals who did not claim the Recovery Rebate Credit on their 2021 tax returns.

The Recovery Rebate Credit is a refundable credit for taxpayers who missed out on one or more Economic Impact Payments (EIPs), commonly referred to as stimulus payments. After reviewing internal data, the IRS identified many eligible taxpayers who filed a return but failed to claim the credit.

Payment Details

• The maximum payment amount is $1,400 per individual.
• The total estimated payments will amount to approximately $2.4 billion.
• Payment amounts will vary depending on several factors, such as filing status and income.

No Action Required

Eligible taxpayers don’t need to take any action to receive these payments. The IRS will automatically issue them, with most payments expected to arrive by late January 2025.

Payments will be distributed through direct deposit or sent as paper checks. Taxpayers will also receive a separate notification letter confirming the payment.

Also Read – $5,000 Checks Available from $1.3M Settlement – Just Show Your Bank Statement

For direct deposits, funds will be sent to the bank account listed on the taxpayer’s 2023 tax return. If the account has been closed, the bank will return the payment to the IRS, and the agency will reissue the refund as a check sent to the address of record.

What If You Haven’t Filed a 2021 Tax Return?

Taxpayers who didn’t file a 2021 tax return may still qualify for the Recovery Rebate Credit. To claim it, they must file a tax return by the April 15, 2025, deadline.

Even those with minimal or no income may be eligible for the credit if they file a return. Filing is required to receive the credit, even if the taxpayer’s earnings were below the filing threshold.

For more information, visit the IRS website or consult a tax professional.

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Layla Hango

Layla Hango is a dedicated author at The Chieftain Spear, where she delves into stories that highlight cultural richness, social issues, and community empowerment. With a passion for storytelling that inspires and informs, Layla brings a fresh perspective to her writing. Her work resonates with readers seeking meaningful dialogue and a deeper understanding of diverse experiences. Through her articles, Layla aims to spark positive change and celebrate the strength of collective voices.

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