If you missed your 2021 stimulus check, the IRS has great news! Over 1 million taxpayers will soon receive their $1,400 Recovery Rebate Credit automatically. Could you be one of them?
What’s Happening?
The IRS recently announced a massive effort to ensure everyone eligible for the 2021 stimulus payments gets their money. Many taxpayers either overlooked claiming the Recovery Rebate Credit or left the section blank when filing their 2021 taxes. As a result, the IRS has decided to automatically send out the payments starting in December 2024, with most recipients receiving their money by late January 2025.
Who’s Eligible?
Not sure if you qualify? Here’s the breakdown:
- Filed Taxes but Missed the Credit:
- If you filed your 2021 taxes but left the Recovery Rebate Credit field empty or entered $0, you’re likely eligible.
- Income Limits:
- Individuals earning less than $75,000 annually.
- Households earning less than $150,000 annually.
- Haven’t Filed 2021 Taxes Yet?
- You can still qualify by filing your 2021 tax return before April 15, 2025.
The IRS emphasizes that this effort targets taxpayers for whom their internal data shows clear eligibility for the credit.
How Much Will You Receive?
- Up to $1,400 per person: This includes individuals and qualifying dependents.
- Total Payout: The IRS estimates this initiative will disburse a whopping $2.4 billion in unclaimed payments.
When and How Will Payments Be Sent?
- Automatic Payments:
- No additional action is required if you qualify.
- Payments will be sent via direct deposit or paper check starting in December.
- Most people will receive their money by late January 2025.
- Notification Letter:
- The IRS will send a separate letter confirming your payment—so keep an eye on your mailbox.
- Where Will It Go?:
- Direct deposits will be made to the bank account listed on your 2023 tax return.
- Checks will be sent to your address of record if no bank account is available.
Why Is the IRS Doing This?
The $1.9 trillion COVID-19 relief bill approved in 2021 aimed to provide much-needed financial support to millions of Americans. While most eligible taxpayers received their stimulus checks, IRS Commissioner Danny Werfel stated that internal reviews revealed over 1 million taxpayers accidentally overlooked this benefit.
To simplify the process and ensure fairness, the IRS decided to send these payments automatically without requiring taxpayers to file amended returns.
What If You Haven’t Filed 2021 Taxes?
It’s not too late! If you missed filing your 2021 tax return, you can still claim your Recovery Rebate Credit and any other refunds owed by filing before April 15, 2025. Don’t wait until the deadline—act now to secure your payment!
How to Stay Updated
- Check Your Mailbox: Watch for the IRS notification letter.
- Review Your Bank Account: Payments will be deposited automatically if you qualify.
- File Your 2021 Taxes: If you haven’t filed yet, make sure to do so before the April 2025 deadline.
- Contact the IRS: If you have questions, visit the IRS website or reach out for assistance.
Don’t Miss Out!
This could be the holiday gift you didn’t know you needed. Whether you missed your 2021 stimulus check or forgot to claim the Recovery Rebate Credit, the IRS is working hard to ensure you get what you’re owed. Don’t let this opportunity slip by—take a few moments to confirm your eligibility and watch for your payment.
Have Questions?
We’d love to hear from you! Drop your thoughts, questions, or experiences in the comments below. Did you know someone who missed their payment? Share this article with them to spread the word!
