The IRS has recently announced that it will send stimulus payments of up to $1,400 to 1 million eligible taxpayers. This step has been taken to help those Americans who did not claim the Recovery Rebate Credit in 2021. Let’s know what this special initiative is and how you can take advantage of it.
What is the Recovery Rebate Credit?
The Recovery Rebate Credit is given to those who were deprived of some part of the stimulus checks issued during the pandemic. This credit was created for them in 2021.
According to the IRS, a total of $2.4 billion will be paid from this initiative. Its purpose is to ensure that every eligible person can get their economic relief payment.
IRS Special Stimulus Payments Overviews
| Details | Information |
| Total Recipients | Approximately 1 million taxpayers |
| Total Payment Amount | $2.4 billion |
| Maximum Payment | $1,400 per eligible individual |
| Eligibility Criteria | – Filed 2021 tax return- Did not claim Recovery Rebate Credit but are eligible |
| Payment Methods | Direct deposit or paper check |
| Payment Timeline | December 2024 – End of January 2025 |
| Deadline to File Taxes | April 15, 2025 |
| Website | https://www.irs.gov/ |
Who is eligible for unclaimed IRS stimulus checks?
Those who filed their tax returns in 2021 but did not claim the Recovery Rebate Credit.
Taxpayers who are eligible to claim the credit, according to IRS internal data.
People who left the field for this credit blank on their 2021 tax forms.
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How to get payment for an unclaimed IRS stimulus check?
Eligible taxpayers do not need to file any application to receive unclaimed IRS stimulus checks. The payment will be delivered automatically. It will be deposited directly into a bank account or sent by mail as a paper check. It will be sent in December 2024, and most payments will be received by the end of January 2025.
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What to do if you have not paid 2021 taxes?
If you have not filed a tax return in 2021, you still have a chance. You can file your return by 15 April 2025, and claim your Recovery Rebate Credit along with other refunds through it.
What did the IRS say?
IRS Commissioner Danny Werfel said,
“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,”
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Frequently Asked Questions (FAQs)
1. How do I know if I am eligible for a payment?
The IRS will send a letter to eligible taxpayers with information about the payment.
2. Do I have to apply?
No, the payment will be sent automatically, you do not need to do anything.
3. What if my bank account is closed?
In this case, the payment will be sent as a paper check to the address on your records.
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