The Internal Revenue Service (IRS) has announced special payments of up to $1,400 for taxpayers who missed out on the third round of Economic Impact Payments (EIPs).
These payments aim to assist individuals who failed to claim the Recovery Rebate Credit (RRC) on their 2021 tax returns. Here’s everything you need to know about these payments, including eligibility, distribution methods, and tracking options.
Eligibility Criteria
The special payments target taxpayers who filed their 2021 tax returns but either left the Recovery Rebate Credit field blank or entered $0, despite being eligible for the credit. To qualify, individuals must meet the original eligibility requirements for the third round of stimulus payments:
- An adjusted gross income (AGI) of $75,000 or less for individuals, $112,500 or less for heads of household, and $150,000 or less for married couples filing jointly.
- U.S. citizenship or residency requirements.
If you didn’t file a 2021 tax return but believe you are eligible, you have until April 15, 2025, to file and claim the credit.
Payment Details
The IRS will issue payments automatically, meaning no action is required from eligible taxpayers. The payment amount is up to $1,400 per individual and may vary based on income and filing status. Payments are being distributed as follows:
- Direct Deposit: Sent to the bank account on file with the IRS.
- Paper Checks: Mailed to the address on record for those without direct deposit information.
The rollout began in December 2024, with most recipients expected to receive their payments by late January 2025.
Tracking Your Payment
The IRS previously provided the “Get My Payment” tool to track EIPs, but this application is no longer available. Taxpayers can, however, log into their IRS online accounts to view payment details under the “Tax Records” section. This account also includes a history of all EIPs received, helping taxpayers verify their eligibility.
Addressing Common Questions
1. What if I didn’t receive the payment? If you’re eligible and don’t receive your payment by January 2025, check your IRS online account to confirm your information. Contact the IRS directly if discrepancies persist.
2. Can I still claim past stimulus payments? Yes. The Recovery Rebate Credit allows you to claim any missed stimulus payments when filing your 2021 tax return. The deadline for claiming these credits is April 15, 2025.
3. How will I know if I’m eligible? The IRS is sending letters to notify eligible taxpayers. These letters will outline the payment amount and method of distribution.
Beware of Scams and Misinformation
Social media platforms have seen an influx of false claims regarding new stimulus payments. The IRS has clarified that these $1,400 payments are targeted only at individuals who missed the 2021 Recovery Rebate Credit. Be cautious of unsolicited messages or emails claiming to offer additional stimulus funds. Always rely on official IRS communication or visit irs.gov for accurate information.
Final Thoughts
The IRS’s initiative to send out these special payments ensures that taxpayers who missed out on the third round of stimulus checks receive their due support. If you believe you’re eligible but haven’t taken action, there’s still time to file your 2021 tax return and claim the Recovery Rebate Credit. Act promptly to secure the financial assistance you’re entitled to.
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