Millions of Americans could be eligible for stimulus checks – see if you could receive up to $1,400 payment
Millions of Americans could be eligible for surprise stimulus payments from the Internal Revenue Service (IRS) – with checks up to $1,400.
The IRS has revealed it will send a new wave of stimulus payments worth $2.4 billion to about a million Americans who may have missed previous payments.
The unexpected news comes after the IRS discovered that about a million taxpayers were eligible for stimulus money they never claimed on their 2021 tax returns, with individual payments reaching up to $1,400.
IRS Commissioner Danny Werfel announced that the agency would make these payments automatically to streamline the process for eligible recipients.
“The IRS continues to work hard to make improvements and help taxpayers,” Werfel said in a news release.
“These payments are an example of our commitment to going the extra mile for taxpayers,” he continued. “When we looked at our internal data, we realized that a million taxpayers missed claiming this complex credit when they actually qualified for it.”
The IRS has confirmed that eligible taxpayers do not need to take any action to receive their payments.
Millions of Americans could qualify for a surprise stimulus payment from the Internal Revenue Service (IRS) – with checks up to $1,400
The funds will be distributed automatically via direct deposit or paper check, with most payments expected to be made by the end of January 2025.
“To minimize the headaches and get this money to eligible taxpayers, we are making these payments automatically, meaning these people don’t have to go through the extensive process of filing an amended return to get it to receive.’
Qualified recipients include those who filed a 2021 tax return but left the Recovery Rebate Credit field blank or entered zero when they were actually eligible for the payment.
The recovery rebate credit was tied to the economic impact payments, commonly known as stimulus checks, that were issued in 2021.
The IRS also sends notification letters to eligible recipients to inform them of their upcoming payment.
The agency noted on its website that while most taxpayers eligible for Economic Impact Payments have already received their money, this new initiative specifically targets those who may have missed out due to confusion about the Recovery Rebate Credit on their 2021 returns.
The IRS has revealed it will send a new wave of stimulus payments worth $2.4 billion to about a million Americans who may have missed previous payments.
The unexpected news comes after the IRS discovered that about a million taxpayers were eligible for stimulus money they never claimed on their 2021 tax returns, with individual payments reaching up to $1,400.
This comes just months after the IRS issued a stark warning to certain Americans who could face higher penalties for underpayment.
In June, the IRS announced that thousands of Americans who pay their income taxes quarterly instead of through paychecks could face a major increase in underpayment penalties.
There are ways to avoid being affected, but with second quarter payments due on June 17, affected taxpayers need to take immediate action.
Certain groups that may fall into this category include investors, retirees, business owners, gig workers, and others who are not regular employees.