Check your mail; the Internal Revenue Service says you could be receiving a stimulus payment of up to $1,400.
The checks are part of the IRS’s effort to distribute approximately $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns, officials said.
The IRS estimates that up to one million taxpayers will receive the payments.
“Looking at our internal data, we discovered that one million taxpayers failed to claim this complex credit when they were actually eligible,” IRS Commissioner Danny Werfel said in a statement.
So, when can those who are eligible expect a payment? Here’s what you should know.
When will you get a stimulus check?
According to the IRS, checks started automatically going out in December, and “should arrive in most cases by late January.”
Eligible taxpayers don’t have to take any action. The automatic payments will be sent to the bank account listed on the taxpayer’s 2023 return or to the address IRS has on file.
The IRS plans to send separate letters to eligible taxpayers notifying them of the special payment, officials said.
Who is eligible to get the stimulus check?
According to the IRS, the majority of taxpayers who were eligible for federal stimulus payments, also known as Economic Impact Payments, had already received them.
The IRS has announced that special payments will be made to taxpayers who filed a 2021 tax return but left the Recovery Rebate Credit data field blank or filled it out as $0 when they were eligible for the credit.
How much will the check be?
Payments will vary, with a maximum of $1,400 per individual, according to the IRS. The IRS has made eligibility and payment calculation information available online.
What if you haven’t filed my 2021 tax return yet?
You might still be able to get the money. However, taxpayers must file a tax return and claim the Recovery Rebate Credit by the April 15, 2025 deadline, even if their income from a job, business, or other source was minimal or nonexistent, according to the IRS.
How many rounds of COVID stimulus payments were there?
The pandemic resulted in three rounds of payments to households totaling $814 billion. The IRS determined the amounts that taxpayers received based on their income, tax filing status, and the number of children or qualifying dependents.
In March 2020, eligible individuals received up to $1,200 per income tax filer and $500 per child under the CARES Act. In December 2020, eligible individuals received up to $600 per income tax filer and $600 per child under the Consolidated Appropriations Act.
In March 2021, eligible individuals could receive up to $1,400 per income tax filer and $1,400 per child under the American Rescue Plan Act.
