In December 2024, the IRS announced surprising news that caught the attention of many people: some taxpayers will receive automatic payments. What does this mean, and who gains from it? We have done the research and gathered all the information our readers have been looking for over the past few weeks.
The IRS announced that nearly one million taxpayers did not claim the Recovery Rebate Credit on their 2021 tax returns. This credit could have offered them important financial help. “We looked at our internal data and found that one million taxpayers missed the chance to claim this complicated credit,” said IRS Commissioner Danny Werfel.
Are you eligible for an IRS stimulus check?
The IRS has concluded that most people who qualify have already received their credit or earlier stimulus checks. The good news is that people who filed their 2021 taxes and did not fill out the recovery credit section might get a special payment.
If you believed there was no hope, reconsider. If you didn’t file your 2021 tax return, you might still be one of the lucky ones! You need to submit those forms by April 15 to have a chance to claim it.
Here comes the part that will make you smile: you don’t have to do anything to claim that juicy check The IRS says that eligible taxpayers will receive these payments automatically.
At the end of January, you might find an unexpected deposit in your bank account or a check in your mailbox, which could make your day better.
How much could you receive, and how can I claim the stimulus check?
The payment can change depending on different things, but the highest amount you can receive is $1,400. It is not surprising that this amount matters to many people. The agency estimates that total payments will be around $2.4 billion.
IRS payments will be deposited directly into your accounts or sent as a paper check. You will also get another letter about the claim.
Danny Werfel, the IRS commissioner, noted that by making these automatic payments, they are preventing unnecessary issues for eligible people. “We are making these payments automatic, so people will not need to go through the long process of filing an amended return to get them,” said the official.
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