The Internal Revenue Service (IRS) is automatically issuing payments to approximately one million taxpayers who qualified for but missed out on claiming the Economic Impact Payments (stimulus checks) in 2021.
The IRS is sending automatic payments to approximately one million taxpayers who missed out on claiming the Economic Impact Payments , also known as stimulus checks , in 2021. Originally designed as a self-claimed credit, the agency is now ensuring eligible taxpayers receive the payments they are entitled to.
'Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,' IRS Commissioner Danny Werfel said in a press release. 'To minimize headaches and get this money to eligible taxpayers, we're making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.' If you haven't filed a 2021 tax return yet, you can still qualify for the credit — but you must do so by April 15, 2025, according to the IRS.The stimulus check, part of the American Rescue Plan Act of 2021, was the final payment issued to provide financial relief during the Covid-19 pandemic.You qualify for the full $1,400 if your AGI in 2021 was $75,000 or less. The credit begins to decrease for incomes over $75,000 and is fully phased out at $80,000.You qualify for the full $2,800 (for two people) if your combined AGI in 2021 was $150,000 or less. The credit begins to decrease for combined incomes over $150,000 and is fully phased out at $160,000.Families can receive $1,400 for each dependent in 2021, regardless of age, but the amount is subject to the same income phaseout limits as the primary filer. The IRS will automatically send payments to taxpayers who qualify, including those who filed tax returns with blank or $0 entries for the Recovery Rebate Credit data field, but were still eligible for the credit.No action is needed for eligible taxpayers to receive these payments unless you haven't yet filed a 2021 tax return. Payments are being sent now and should arrive in'most cases' by late January 2025, according to the IRS
FINANCE GOVERNMENT IRS Stimulus Checks Economic Impact Payments Tax Credits COVID-19 Relief
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