IRS Sends Out $1,400 Stimulus Payments: How to Know if You Qualify

Good news! The IRS Sends Out $1,400 Stimulus Payments, which could mean a check for up to $1,400 for some eligible people. If you did not get your full economic impact payment (stimulus check) or missed out on one, you might get a check soon. You need to know who qualifies, how much you could receive, and how it works.

Key Takeaways: Unclaimed IRS $1,400 Stimulus Payments

1. IRS Sending Payments: The IRS sends up to $1,400 to people who missed or did not claim their full stimulus payments on their 2021 tax returns.
2. Eligibility: You may be eligible if you filed a 2021 tax return but missed or incorrectly claimed the credit. Those who received full payments would not get more.
3. Automatic Payments: Payments will be sent by direct deposit or check by January 2025. No action is required if you are eligible.
4. Filing Deadline: You can still claim the credit by filing your 2021 taxes by April 15, 2025.

“Recovery Rebate Credit,” Know more from the Internal Revenue Service (IRS)

What is This Refund About?

The IRS distributes unclaimed IRS stimulus checks and Recovery Rebate Credits to approximately 1 million people who did not receive full stimulus payments. Some people missed a payment or did not claim the full amount they were eligible for when filing their 2021 taxes. The IRS has stepped in to correct that and automatically send the money.

Why Are Some People Getting More Money?

The IRS discovered that many eligible taxpayers who filed their 2021 tax returns did not claim the unclaimed IRS stimulus checks and Recovery Rebate Credit. This credit was meant to make up for missed stimulus payments or shortfalls in the amount people received.

Calculate Your Tax Refund with this Calculator (Click Here)

For example:

• You were eligible for a $1,400 stimulus check in 2021 but did not get it.
• When filing your 2021 tax return, you may have mistakenly left the Recovery Rebate Credit field or listed it as $0.
• The IRS realized this, and now they automatically send you this money to ensure you get the credit.

How Much Money Are We Talking About?

The maximum amount that can be sent to any individual is $1,400. If you are eligible, this could be the amount the IRS sends you. The total amount distributed is expected to be around $2.4 billion. The total sum for all the eligible people receiving the payments.

Read this Article: Strategies and Maximize your Refund – End-of-Year Tax Strategies: How to Lower Your Taxes or Boost Your Refund for 2024

Calculation Example:

If you are an individual who missed out on your $1,400 stimulus payments, the IRS will now send that exact amount to you automatically. You qualify for the full $1,400, and no action is required.

Here is a simplified breakdown:

• Missed Stimulus Payment = $1,400
• Recovery Rebate Credit = $1,400
• Amount You’ll Receive = $1,400

You will get the full $1,400 if you were supposed to receive that amount initially and did not.

The IRS Sends Out $1,400 Unclaimed IRS Stimulus Checks. Who Gets a Check?

The people who are getting this special payment are those who:

• Filed their 2021 tax returns.
• We are eligible for the Recovery Rebate Credit, but did not claim it or made a mistake when claiming it.

So, if you filed your 2021 taxes and did not claim the credit, the IRS will send you this payment automatically.

The IRS Sends Out $1,400 Unclaimed IRS Stimulus Checks. Who Might Not Get the Check?

• You would not receive this extra payment if you already received all of your stimulus payments (i.e., if you did not miss any or leave the credit field blank).

For example:

• You will not get any additional money from this new batch if you received the full $1,400 from the March 2021 stimulus payment and correctly filed for it.

How Will I Get the Money?

The IRS Sends Out $1,400 Stimulus Payments automatically. You would not need to do anything extra. For most taxpayers:

• Your eligible amount is directly deposited into your bank account.
• If you do not have direct deposit information on file, the IRS will send you a paper check.

The IRS sends out $1,400 stimulus payments starting in December and should arrive by late January 2025.

Example:

• Your 2023 tax return provided bank account information, so expect the payment to go directly into that account.
• If the IRS only has your mailing address, they will send you a check.

Also Read About Withholding Tax – Save Money This Year: How to fill out Form W-4 correctly for 2024 – A Step-by-Step Guide.

What If I Have Not Filed My 2021 Tax Return Yet?

If you have not filed your 2021 tax return, you can still claim this credit, but you must file by April 15, 2025.

Great Information From The IRS – IRS announces special payments going out this month to 1 million taxpayers who did not claim the 2021 Recovery Rebate Credit; encourages non-filers about approaching the deadline to claim credits

Even if you did not have a job or earned little income in 2021, you can still file your return and claim the Recovery Rebate Credit.

Example:

• Let’s say you earned $0 in 2021. Even if you did not file your taxes, you could still qualify for the $1,400 payment if eligible.
• File your tax return, and the IRS will send you the payment if you are eligible for the credit.

How Do Stimulus Payments Work? The IRS Sends Out $1,400 Stimulus Payments

There were three rounds of stimulus payments during the pandemic. Let’s break them down:

1. March 2020: Individuals received up to $1,200 per filer and $500 per child.
2. December 2020: Individuals received up to $600 per filer and $600 per child.
3. March 2021: Individuals received up to $1,400 per filer and $1,400 per child.

The amount you received was based on things like:

• Your income.
• Your filing status (single, married, etc.).
• The number of children or dependents you have.

Example:

• If you were a single filer with no children, you could have received up to $1,200 in the first round, $600 in the second round, and $1,400 in the third round.
• You might have received more money in each round if you were a married couple with 2 children.

What Should You Do if You Think You Might Be Eligible?

If you did not receive your full stimulus payments, here is what you can do:

• Check your 2021 tax return to see if you missed claiming the Recovery Rebate Credit.
• You can still file your tax return by April 15, 2025, and claim the credit if you did not claim it.
• The IRS will automatically send you the payment by direct deposit or check.

Final Thoughts: The IRS Sends Out $1,400 Stimulus Payments

Also Read: Don’t Miss Out! Claim the Earned Pay Tax Credit (EITC) and Get the Discount You Deserve

The IRS Sends Out $1,400 Stimulus Payments: This is an excellent opportunity for those who missed their stimulus payments or did not claim the full amount they were eligible for. If you filed your 2021 tax return and did not claim the Recovery Rebate Credit, expect to receive up to $1,400 soon.

The IRS ensures you get the money you are entitled to, so keep an eye on your mailbox or bank account for that payment!