Taxpayers Could Get a $1,400 Stimulus Check by the End of This Month. Are You Eligible Could Get a $1,400 StimulusBy the end of this month, taxpayers may receive a stimulus check up to $1,400, depending on how they filed their 2021 tax returns.
The Internal Revenue Service announced in December that it would be sending about $2.4 billion − up to $1,400 per individual − worth of stimulus checks to U.S. taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns.
According to the IRS, this round of stimulus checks was established after the agency reviewed internal data showing that many eligible taxpayers who filed a 2021 tax return did not claim the Recovery Rebate Credit, a refundable credit for individual who didn’t receive one or more Economic Impact Payments, more commonly known as stimulus payments
What is the $1,400 Stimulus All About?
The last round of stimulus checks is part of an aid package that the government is attempting to provide financial relief for those affected by the pandemic’s aftermath.
If you have been through similar checks, this one is especially tailored to give some little extra protection to individuals who meet specific eligibility criteria.
Who qualifies?
Not everyone will receive that $1,400 payment right away. For the most part, eligibility relies on income levels, tax status, and how many dependents you have. Here’s the general breakdown:
Will I receive a stimulus check now? IRS sends money to 1 million taxpayers
Stimulus checks and the pandemic for most people came and went long ago. Still, some 1 million taxpayers are getting cash from the IRS, apparently, out of the blue.
Most of those people filed a 2021 return three years ago, but somehow they missed claiming a much-publicized stimulus credit worth a lot of money. Most probably, they weren’t aware that they qualified.
They leave the recovery rebate credit line blank when completing the 2021 return or mark in a $0 when they actually qualify for the recovery rebate credit.
Now that the money is on its way, you should check your bank account. Keep an eye on your mailbox. Some filers will receive the money directly deposited into their accounts. Others could get it by paper check in the mail. The IRS said it would send letters to alert taxpayers that the money is coming.