The IRS is preparing something that may interest you: in the coming weeks, approximately one million taxpayers will receive a stimulus check of up to $1,400.
Why? It appears that many people failed to claim a credit when filing their 2021 tax returns. According to the IRS, in many cases, the Recovery Rebate Credit field was left blank or filled with “0,” despite the fact that the taxpayer was entitled to the money.
This credit was created to assist those who, for whatever reason, did not receive one of the three COVID-19 stimulus payments or received only a portion of them. It’s like being left off the distribution list, but the IRS is currently reviewing the data and correcting any errors.
What is the Recovery Rebate Credit that will get you a stimulus check?
The IRS commissioner, Danny Werfel, stated that the goal is to simplify the process for taxpayers. Instead of asking you to file an amended return (which could cause you multiple headaches), the IRS has decided to do it for you automatically. So, if you are one of those affected, the money will be deposited into your bank account or delivered to the address on file.
“We want to make taxpayers’ lives easier,” says Werfel. “These types of payments demonstrate our commitment to going above and beyond to assist.”
When will you receive the money?
If you’re one of the lucky ones, the deposit will be made directly to the bank account you listed on your 2023 tax return. If not, you will receive a check via mail at the registered address.
The best part? You don’t have to do anything. The IRS expects taxpayers to receive the majority of their payments by the end of January.
If you believe you may be among the one million taxpayers, keep an eye on your bank account or mailbox in the coming weeks. It might be a small surprise you didn’t expect, but it will undoubtedly come in handy.
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