The IRS is gearing up to deliver some good news! In the coming weeks, nearly one million taxpayers are set to receive a stimulus check of up to $1,400.
But why now?
It turns out many people missed claiming a crucial credit on their 2021 tax returns. According to the IRS, fields for the Recovery Rebate Credit were often left blank or marked as “0,” even though taxpayers were eligible for these funds.
What Is the Recovery Rebate Credit?
This credit was introduced to assist those who:
- Missed out on one or more of the three COVID-19 stimulus payments, or
- Did not receive the full amount they were entitled to.
Essentially, it’s a way for the IRS to rectify oversights or errors in distributing stimulus payments. Think of it as getting a second chance to claim money you might have been due.
How Is the IRS Helping?
Rather than requiring taxpayers to file an amended return—a process many find complicated—the IRS is handling the corrections automatically.
According to IRS Commissioner Danny Werfel:
“We want to make taxpayers’ lives easier. These types of payments demonstrate our commitment to going above and beyond to assist.”
If you qualify, you don’t need to lift a finger! The IRS will send the funds directly to your bank account or the address on file.
When Will You Receive the Money?
Here’s the timeline:
- Direct Deposits: Payments will arrive in the bank account used for your 2023 tax return.
- Checks by Mail: If no bank account is on file, you’ll receive a paper check at your registered address.
The IRS expects most payments to be delivered by the end of January.
What Should You Do Now?
If you think you’re eligible:
- Keep an eye on your bank account for a direct deposit.
- Check your mailbox for any correspondence or checks from the IRS.
This unexpected stimulus payment could be a pleasant surprise to start the year—especially during times when every dollar counts.
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