Believe it or not, what many considered unlikely is about to happen. The IRS is set to give one million Americans a $1,400 stimulus check. Yes, you read that correctly. But, why now? It’s a special payment for those who, for whatever reason, did not claim this benefit when it was first offered.
The IRS—basically the tax office most people despise—dug through their records and discovered that approximately a million people were eligible for the Recovery Rebate Credit. Sounds fancy, right? But, in reality, it is simply a refund for pandemic-era stimulus payments that some people did not receive. If you are eligible but did not receive one, this money is for you.
What’s this stimulus check about, and why now?
Here’s the kicker: you don’t have to do anything. There are no forms to fill out, and no long phone calls. The IRS is handling it automatically. You will either have the funds deposited into your bank account or receive a paper check in the mail. Oh, and they will also send you a letter informing you that it is on its way. Similar to when you receive a shipping notification for a package you forgot you ordered.
When’s the money coming?
These payments are scheduled to begin in December, allowing you to have the cash in hand before the holidays—or at least by January 2025. It’s ideal if you’re thinking about gifts or need to catch up on bills. Regardless, it’s a nice little boost.
How can you tell if you qualify?
These payments are intended for people who filed their 2021 tax returns but left the Recovery Rebate Credit field blank—or perhaps entered “0” by mistake. If you failed to file your 2021 taxes, the IRS says you still have time to do so. Just file by April 15, 2025, and you might be eligible. It’s worth checking, right?
Don’t worry if your bank account has changed since you filed your 2023 taxes. If the payment bounces, the IRS will simply send a check to the address on file. No extra effort is required on your part.
How much money is being sent out?
We’re talking about $2.4 billion, divided among a million people. According to IRS Commissioner Danny Werfel, this effort is part of a larger push to make things easier for taxpayers. “We want to make sure this money gets to the people who need it without unnecessary hassle,” says Werfel. That means no complicated forms, no extra stress, just automatic payments.
One last thing to keep in mind
If you believe you could be one of the fortunate recipients, be patient. The money will make its way to you. However, if you have not filed your 2021 taxes, now is the time to do so. Avoid leaving money unclaimed for too long.
For many, this payment may be the assistance they have been looking for. Who wouldn’t appreciate an extra $1,400 to start the new year on a positive note?
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