Some of us may be welcoming 2025 with some extra money in the bank–the IRS is preparing to distribute nearly 1 million $1,400 2024 IRS stimulus checks to taxpayers in the coming weeks!
IRS officials recently discovered that many taxpayers who qualified for the Recovery Rebate Credit failed to claim it on their 2021 tax returns. Individuals who did not claim it and did not receive a COVID stimulus payment–or received less than they should have–are eligible to receive the stimulus checks, which total a whopping $2.4 billion.
IRS Commissioner Danny Werfel stated:
Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible. To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.
Not sure if you’ll receive a stimulus check? Here’s everything you need to know:
Who qualifies for the $1,400 2024 IRS stimulus check?
Most taxpayers eligible for the federal stimulus payments, officially called Economic Impact Payments (EIP), have already received them. However, these new payments target taxpayers who filed a 2021 tax return but either left the Recovery Rebate Credit field blank or incorrectly listed $0 when they were eligible.
Will I receive the full $1,400?
Not necessarily. The payments vary depending on several factors, but the maximum payment is $1,400 per individual.
How will the stimulus payments be issued?
Taxpayers who qualify for the payments won’t need to do anything if they qualify for the 2024 IRS stimulus check–they’ll be distributed automatically.
The IRS plans to send the payments either by direct deposit or paper checks, with most expected to arrive by late January 2025. Deposits will be made to the bank account listed on the taxpayer’s 2023 return, or a check will be mailed to the address the IRS has on record.
Additionally, eligible taxpayers will receive a letter in the mail notifying them of the payment.
For those who haven’t filed a 2021 tax return:
If you haven’t yet filed your 2021 taxes, the good news is that it’s not too late. Taxpayers who haven’t yet filed can still claim the Recovery Rebate Credit by submitting their 2021 return by April 15th, 2025.
Even those with little or no income are encouraged to file to ensure they don’t miss out on the payment.
When were the previous stimulus checks issued?
The federal government has distributed three rounds of COVID stimulus payments–a total of $814 billion–to date. Payments were based on factors such as income, tax filing status, and the number of dependents.
- March 2020: The CARES Act provided up to $1,200 per filer and $500 per child
- December 2020: The Consolidated Appropriations Act included payments of $600 per filer and $600 per child
- March 2021: The American Rescue Plan Act delivered up to $1,400 per filer and $1,400 per child
To confirm whether you received the payments mentioned above, you can visit the IRS website to review your tax records. If you think you qualify, take a moment to check your records to ensure you don’t miss out.