Millions of Americans could be eligible for stimulus checks – see if you could receive up to $1,400 payment
Millions of Americans could be eligible to receive surprise stimulus payments from The Internal Revenue Service (IRS) – with checks up to $1,400.
The IRS has revealed it will be sending out a new wave of stimulus payments worth $2.4 billion to approximately one million Americans who may have missed out on earlier payments.
The unexpected news comes after the IRS discovered that around one million taxpayers were eligible for stimulus money they never claimed on their 2021 tax returns, with individual payments reaching up to $1,400.
IRS Commissioner Danny Werfel announced the agency would be making these payments automatic to streamline the process for eligible recipients.
‘The IRS continues to work hard to make improvements and help taxpayers,’ Werfel said in a press release.
‘These payments are an example of our commitment to go the extra mile for taxpayers,’ he continued. ‘Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible.’
The IRS has confirmed that eligible taxpayers won’t need to take any action to receive their payments.
Millions of Americans could be eligible to receive surprise stimulus payment from The Internal Revenue Service (IRS) – with checks up to $1,400
The money will be automatically distributed either through direct deposit or paper check, with most payments expected to arrive by late January 2025.
‘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.’
Qualified recipients include those who filed a 2021 tax return but either left the Recovery Rebate Credit field blank or entered zero when they were actually eligible for the payment.
The Recovery Rebate Credit was tied to the Economic Impact Payments, commonly known as stimulus checks, that were issued in 2021.
The IRS will also send notification letters to eligible recipients informing them about their upcoming payment.
The agency noted on its website that while most taxpayers eligible for Economic Impact Payments have already received their money, this new initiative specifically targets those who may have missed out due to confusion over the Recovery Rebate Credit on their 2021 returns.
The IRS has revealed it will be sending out a new wave of stimulus payments worth $2.4 billion to approximately one million Americans who may have missed out on earlier payments
The unexpected news comes after the IRS discovered that around one million taxpayers were eligible for stimulus money they never claimed on their 2021 tax returns, with individual payments reaching up to $1,400
This comes just months after the IRS issues a stark warning to certain Americans may face increased penalties for underpayments.
In June, the IRS announced that thousands of Americans who pay their income taxes quarterly instead of through paycheck withholding could face a major increase in penalties for underpayments.
There are ways to avoid being hit – but with second-quarter payments due on June 17, affected taxpayers need to take immediate action.
Certain groups who may fall into this category include investors, retirees, business owners, gig workers, and others who aren’t regular employees.
