WPBN: If you submitted your 2021 tax return without claiming the Recovery Rebate Credit. Those who qualified but did not request this benefit at the time will receive a stimulus check this month, according to a recent announcement from the IRS.
Depending on what you were not receiving, the sum may reach $1,400 per person instead. The IRS estimates that almost one million qualified taxpayers will receive distributions totaling approximately $2.4 billion.
For what Recovery Rebate Credit is this stimulus cheque being issued?
One way to look at it is as a lifeline for money that some people were unable to obtain.
Two stimulus checks in 2020 and another in 2021 were authorized during the pandemic. But not all of them got the entire amount they were eligible for, which is why this check is being sent. In essence, you can use your tax return to claim the money you didn’t receive.
About The payment
The IRS tracks for anyone who did not claim the credit on their 2021 return. Perhaps you entered a zero in the relevant field or just left it blank. It is highly probable that the IRS has classified you as a member of this group if this is your situation.
You still have time, though, if you didn’t even file your 2021 return.
You have until April 15, 2025, to file the return and get the credit and any additional refund that may be due, the government informs you. Most importantly, you can still be eligible even if you made very little or no money.
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Is there anything you need to do to get the money?
No, there is nothing for you to do. Either by physical check or direct deposit into your bank account, the IRS will automatically transmit the amounts. Furthermore, a note confirming the payment’s issuance will be sent to you. Don’t disregard anything that the IRS sends you if you see it in your mailbox.
This endeavor is a component of their dedication to assist taxpayers, said IRS Commissioner Danny Werfel. Werfel clarified: “We discovered that a million people were not able to receive this complicated credit, while being eligible, after looking through our internal data. We are automating these payments to ensure clients get their money and to prevent issues.
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What time will the money be received?
The majority of taxpayers will receive their money by the end of January 2025, according to the government, with the first cheques scheduled to be distributed in December.
The IRS will resend the payment as a paper check to the address they have on file if you closed the bank account you used on your most recent return or switch banks.
Consult a tax expert or analyze your 2021 return if you are unsure. Even though it’s not much money, every dollar matters during hard times. Don’t forget to file your return by the deadline if you haven’t already. You can get the little boost in your finances you need by claiming this credit, which is easy to do.
