$1400 Stimulus Payments Rolling Out by IRS as Rebate Credits; Check Details to Get your Payment

Race Day Live  –The Internal Revenue Service (IRS) will issue billions of dollars in stimulus cheques this month.

The IRS will provide a financial boost to an estimated 1 million Americans for previously unpaid stimulus payouts issued during the coronavirus outbreak, which are officially known as Economic Impact Payments.

The new payouts, known as Recovery Rebate Credits (RRCs), are being delivered to qualified taxpayers who did not claim the federal stimulus checks to which they were entitled on their 2021 tax returns. The action is being done following an internal assessment of IRS data that revealed that many eligible individuals filed a return but did not claim the credit.

How Much are the stimulus checks worth?

The amount you will receive will “vary depending on several factors,” but the maximum payment is $1,400 per individual, the IRS has stated. The projected payout amount is $2.4 billion.

Who is eligible for the stimulus check?

Qualified taxpayers are those who submitted a 2021 tax return but left the Recovery Rebate Credit field blank or typed zero, while being qualified for the credit.

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How to Claim the Stimulus Check

Payments are automated, so you don’t have to do anything if you’ve filed your 2021 tax return. Payments are either automatically transferred into bank accounts or mailed via physical check, and recipients will also receive a notice from the IRS detailing the payments.

The COVID-era payments, which were originally granted four years ago, were sent out late in December 2024 and “should arrive in most cases by late January 2025,” the IRS stated.

What People are Saying

In a statement published in December 2024, IRS Commissioner Danny Werfel stated, “The IRS continues to work hard to improve and assist taxpayers.” These payments demonstrate our commitment to going the additional mile for taxpayers. Looking at our internal data, we discovered that one million taxpayers failed to claim this difficult credit while they were genuinely entitled.

“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.”

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