The IRS has just announced that it will send unclaimed stimulus checks to 1 million taxpayers. Those payments will be made starting in January and will be specifically for people who did not claim them when they filed their tax returns in 2021. This is a great opportunity for people who missed out on receiving the Recovery Refund Credit during that tax year.
Through a Press release, the IRS announced that it will issue payments of up to $1,400 to more than 1 million taxpayers. It is a decision that was made after reviewing internal data showing that a large number of eligible citizens who filed a return did not claim the credit.
And while most of the eligible taxpayers received their stimulus checks or credit, today the government entity will focus on those who did not. The payment will be made after the end of December. The maximum this person will receive is $1,200 and in total the government will send $2.4 billion to settle these accounts.
How do I receive my IRS stimulus check?
From the IRS they informed that people do not have to do absolutely nothing to receive their payments. They will be sent automatically to taxpayers in December and will arrive in most cases by the end of January. As part of this process, eligible taxpayers will receive a separate letter notifying them of the payment.
This money will be deposited directly into the bank account provided on the eligible individual’s 2023 tax return. It may also be sent to the address on file, so please be vigilant about updating your information.
What happens if I did not file my taxes in 2021?
All those who did not file their taxes in 2021 may still be eligible to receive their stimulus checks, according to the IRS. However, they only have until April 15, 2025 to file their returns. This will be the only way to claim the credit and any other refunds they may be due.
Special payment: these are the people who will be entitled to receive the money.
The people who will be entitled to the special payment are those who placed $0 in the Recovery Refund Credit field on their tax forms. Those who left the section blank will also be included. According to the IRS, those receiving the payment are “citizens whose IRS data shows that the taxpayer qualifies for the credit.
How many COVID stimulus payments were there?
It should be noted that stimulus checks are a tool intended to provide financial stability for many American families. This began to be distributed during the COVID pandemic, when many people were out of work or unable to work.
So far, there have been three rounds of stimulus check payments to households affected by the pandemic. This is an amount of money in the range of $814 billion. The IRS based the amounts taxpayers received on their income, filing status and number of qualifying dependent children. Also, the schedule was as follows:
- In March 202, eligible individuals received a stimulus check of up to $1,200 per income tax filer and $500 per child under the CARES Act.
- In December 2020, eligible individuals received $600 per income tax filer and $600 per child under the Consolidated Appropriations Act.
- In March 2021, eligible individuals received up to $1,400 per income tax filer and $1,400 per child under the American Rescue Plan Act.
