$1,400 Stimulus Checks Hitting Bank Accounts THIS Month – Are You Eligible?

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$1,400 Stimulus Checks Hitting Bank Accounts THIS Month – Are You Eligible?

As of January 2025, the IRS is distributing $1,400 stimulus payments to approximately one million taxpayers as part of its efforts to address issues with the Recovery Rebate Credit from 2021. Here is the latest information:

Who is Eligible?

  • Taxpayers who filed a 2021 tax return but did not claim the Recovery Rebate Credit they were entitled to.
  • Individuals who either left the Recovery Rebate Credit field blank or entered $0, despite being eligible for the credit.

How to Receive the Payment

  • No action is required for eligible individuals. Payments are being issued automatically by the IRS.
  • Payments are expected to arrive by late January 2025 through direct deposit or paper checks, depending on the individual’s refund method in 2021.
$1,400 Stimulus Checks Hitting Bank Accounts THIS Month – Are You Eligible?
Source (Google.com)

Key Details

  • These payments are not new stimulus checks but are related to correcting discrepancies in past tax filings.
  • The IRS is working to ensure that taxpayers receive the amount they were originally eligible for under the third round of Economic Impact Payments issued in 2021.

What You Should Do

  • If you believe you’re eligible but do not receive a payment, verify your 2021 tax return to check if the Recovery Rebate Credit was filed correctly.
  • Taxpayers who have not yet filed their 2021 tax returns can still do so before the April 15, 2025 deadline to claim the Recovery Rebate Credit.

Avoid Scams

Be wary of fraudulent emails or phone calls claiming to offer stimulus payments. The IRS will not contact taxpayers via email, text, or social media about these payments.

For the most recent information, go to the IRS website or speak with a reputable tax professional.

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