A little more than 1 million taxpayers will see a $1,400 payment hit their accounts via direct deposit or receive a check in the mail from the IRS.
The IRS states it will distribute $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. In short, people who missed one of the COVID stimulus payments or received less than the full amount they could claim.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” IRS Commissioner Danny Werfel said in a statement.
So, What’s The Likelihood Of Receiving A $1,400 Check?
The likelihood of receiving $1,400 from the IRS is very slim. According to the IRS, most people eligible for the Economic Impact Payments have already received them
.AP reports that if you filed a 2021 tax return and left the information for the Recovery Rebate Credit blank or even filled it out as $0, you will likely be one of the millions who receive a check.
If you don’t remember, no worries because eligible taxpayers don’t have to do anything. The IRS said the money would go out automatically and arrive by late
January. Taxpayers will receive the money in their accounts or address on file used from 2023’s return. There is also a chance that anyone who did not file their 2021 return could be eligible. However, 2025 will be the cut-off. To be eligible for the Recovery Rebate Credit, taxpayers must file by April 15, 2025.It’s important to note that the maximum amount is $1,400, but it could vary depending on the individual and what was disbursed before.
For more information, head to the IRS website, which has detailed information on calculating the payment and eligibility.
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