IRS to Send Out $2.4 Billion in Stimulus Checks: Are You Eligible?
Eligible U.S. taxpayers could receive a stimulus check by the end of January if they missed claiming the Recovery Rebate Credit on their 2021 tax return, the Internal Revenue Service (IRS) announced. The total amount being dispersed nationwide is a substantial $2.4 billion, with payments being made either by direct deposit or paper check.
What is the Recovery Rebate Credit?
The Recovery Rebate Credit is a refundable credit designed for individuals who did not receive one or more Economic Impact Payments (EIP), commonly known as stimulus payments. The IRS discovered that approximately one million taxpayers missed claiming this credit, despite being eligible. IRS Commissioner Danny Werfel stated, “To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning recipients won’t have to file an amended return to receive their money.”
Do Eligible Taxpayers Need to Do Anything?
No action is required for most eligible taxpayers. Stimulus payments started going out automatically in December 2024 and are expected to arrive by late January 2025. Recipients will receive their payments either by direct deposit or as a paper check, depending on how they received previous payments.
How to Check if You’re Eligible
Eligible taxpayers will receive a separate letter from the IRS notifying them about the stimulus payment. To check eligibility, you can look back at your 2021 tax return to see if you left the Recovery Rebate Credit section blank or listed it as $0.
How Much Will Taxpayers Receive?
The amount of the stimulus check varies, but eligible taxpayers could receive up to $1,400. The IRS is dispersing a total of $2.4 billion in stimulus payments to qualified recipients across the nation.
What if You Didn’t File a 2021 Tax Return?
If you didn’t file a 2021 tax return, you could still be eligible for a stimulus check if you file by April 15, 2025, and claim the Recovery Rebate Credit. According to the IRS, “Even if your income was minimal or non-existent, you must file a tax return to claim the Recovery Rebate Credit.”
Key Takeaways
- Stimulus checks are being sent automatically to eligible taxpayers who missed claiming the Recovery Rebate Credit on their 2021 returns.
- Payments will arrive by direct deposit or paper check.
- You can check eligibility by reviewing your 2021 tax return.
- If you missed filing your return, you can still claim the credit by filing before April 15, 2025.
Taxpayers who qualify for the Recovery Rebate Credit can expect the payments to arrive soon without needing to take further action.
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