IRS Sending $2.4 Billion in Stimulus Checks: Are You Eligible?
The Internal Revenue Service (IRS) is issuing automatic payments of up to $1,400 to eligible taxpayers who missed out on the Recovery Rebate Credit.¹ This stimulus check is part of a larger $2.4 billion payout to individuals who didn't claim the credit on their 2021 tax returns.
*Who is Eligible for the Stimulus Check?*
To qualify for the automatic payment, you must have:
- *Filed a 2021 tax return*: If you haven't filed your 2021 tax return yet, you can still claim the Recovery Rebate Credit, but you must do so by April 15, 2025.
- *Been eligible for the Recovery Rebate Credit*: This credit is for individuals who didn't receive one or more Economic Impact Payments (EIP) or received less than the full amount they were owed.
- *Left the Recovery Rebate Credit field blank or entered $0 on your 2021 tax return*: If you meet these criteria, the IRS will automatically issue the payment.
*How Will the Payments be Distributed?*
The IRS will begin issuing payments in December 2024, with most recipients receiving theirs by late January 2025. Payments will be made via:
- *Direct deposit*: To the bank account listed on your 2023 tax return.
- *Paper check*: To the address of record, if direct deposit information is not available.
*Additional Information*
- *Federal benefits*: The Recovery Rebate Credit payments will not affect your eligibility for federal benefits such as SSI, SNAP, TANF, or WIC.²
- *Verify payment amounts*: You can access your IRS Online Account to verify the amounts of previous stimulus payments.
Stay informed and ensure you receive your stimulus check by checking the official IRS website for updates.
Here is the continuation of the blog post:
What to Do If You're Eligible
If you're eligible for the stimulus check, here are some steps to take:
1. *Verify your eligibility*: Check the IRS website to confirm your eligibility for the Recovery Rebate Credit.
2. *Check your bank account*: If you're eligible, ensure your bank account information is up-to-date to receive the payment via direct deposit.
3. *Update your address*: If you've moved, update your address with the IRS to ensure you receive the payment.
Common Questions
Here are some common questions and answers about the stimulus check:
1. *Q: How much will I receive?*
A: The payment amount will vary depending on your eligibility and the amount of the Recovery Rebate Credit you're owed.
2. *Q: When will I receive the payment?*
A: Payments will begin in December 2024, with most recipients receiving theirs by late January 2025.
3. *Q: Do I need to take any action to receive the payment?*
A: No, if you're eligible, the IRS will automatically issue the payment.
Conclusion
The IRS is sending $2.4 billion in stimulus checks to eligible taxpayers who missed out on the Recovery Rebate Credit. If you're eligible, ensure you've filed your 2021 tax return and verify your bank account information to receive the payment via direct deposit. Stay informed and check the official IRS website for updates.
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- "Check your eligibility for the IRS stimulus check now!"
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