The Internal Revenue Service (IRS) is sending stimulus checks this month, which represents a significant financial injection for millions of taxpayers in the United States. The new payments are related to stimulus checks that were previously unclaimed during the coronavirus pandemic.
It is estimated that around 1 million Americans will receive these fantastic checks, officially known as Economic Impact Payments (EIP). These payments come as part of a federal effort to provide financial help to millions of American families who may not have received their share due to errors on their previous tax returns. And no one wants to leave money that belongs to them on the table, right?
Refund credit details: who qualifies and how to claim them?
The recent payments, called Recovery Refund Credit (RRC), are intended for all those taxpayers who, following the rules and legislation, filed their tax return for 2021, but who did not claim the checks to which they were entitled… and that It’s a shame, friend! Money is money!
This was due to an internal review by the IRS that revealed that many eligible taxpayers left the credit field blank or entered an amount of $0 on their returns.
The maximum amount that can be received for each person is $1,400. The IRS has confirmed that the total amount of payments to be issued will reach approximately $2.4 billion.
Stimulus check eligibility
In order to benefit from this stimulus check, taxpayers must have filed a 2021 tax return. Those who did not claim the Recovery Rebate Credit even though they met the requirements are considered eligible. This includes those who, when filing their return, left the corresponding field blank.
Payments will be automatic, meaning beneficiaries will not have to take any additional action if they have already filed their return. These payments will be made through deposits in bank accounts or paper checks, according to the preferences that the taxpayer has indicated in their declaration.
Process to claim the juicy checks
The IRS will send letters to recipients informing them of the payments they will receive. If a taxpayer needs to file their 2021 tax return, there is enough time, as the deadline is set for April 15. It is important to note that the refund cannot be claimed without having previously submitted the corresponding declaration.
Regarding the timing of payments, checks issued in the COVID era, which began to be distributed approximately four years ago, were reported to have been sent at the end of December 2024. Most taxpayers should receive their payments by the end of January 2025.
IRS statements and explanations
IRS Commissioner Danny Werfel stated in December 2024: “The IRS continues to work hard to make improvements and help taxpayers. These payments are an example of our commitment to going the extra mile for taxpayers.” Werfel noted that many people did not claim this credit due to its complexity.
The commissioner assured that, to facilitate the process, payments are being made automatically. This means that eligible taxpayers will not have to go through the process of filing an amended return to get the credit.
While many taxpayers have already received their checks, those who have not yet filed their 2021 tax return are encouraged to do so soon. Prompt acceptance of these statements may influence timely receipt of the corresponding benefit.
