The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Business

IRS plans to pay 1 million taxpayers up to $1,400. Here’s how to check if you’re eligible.

by December 24, 2024
December 24, 2024
IRS plans to pay 1 million taxpayers up to $1,400. Here’s how to check if you’re eligible.

The IRS plans to issue automatic “special payments” of up to $1,400 to 1 million taxpayers starting later this month, the agency announced last week.

The payments will go to individuals who did not claim the 2021 Recovery Rebate Credit on their tax returns for that year and who are eligible for the money.

The Recovery Rebate Credit is a refundable tax credit provided to individuals who did not receive one or more economic impact payments — more popularly known as stimulus checks — that were sent by the federal government in the wake of the Covid-19 pandemic.

The maximum payment will be $1,400 per individual and will vary based on circumstances, according to the IRS. The agency will make an estimated total of about $2.4 billion in payments.

“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” IRS Commissioner Danny Werfel said in a statement. “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.” 

The new payments are slated to be sent out automatically in December. In most cases, the money should arrive by late January, according to the IRS.

Eligible taxpayers can expect to receive the money either by direct deposit or a paper check in the mail. They will also receive a separate letter notifying them about the payment.

Direct deposit payments will go to taxpayers who have current bank account information on file with the IRS.

If eligible individuals have closed their bank accounts since their 2023 tax returns, payments will be reissued by the IRS through paper checks to the mailing addresses on record. Those taxpayers do not need to take action, according to the agency.

The payments are only going to taxpayers who qualify for the 2021 Recovery Rebate Credit — particularly individuals who filed a 2021 tax return but who did not claim the Recovery Rebate Credit even though they were eligible, either by leaving that data field blank or entering $0.

Taxpayers who haven’t filed 2021 tax returns still have a chance to claim the credit. However, they must file by April 15, 2025, to claim the credit and any other refunds they are owed.

Claiming the Recovery Rebate Credit will not count as income and interfere with eligibility for certain other federal benefits, including Supplemental Security Income, or SSI; Supplemental Nutrition Assistance Program, or SNAP; Temporary Assistance for Needy Families, or TANF; and Special Supplemental Nutrition Program for Women, Infants and Children, or WIC.

The IRS provides more information on payment eligibility and amounts on its website.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Lego is reinventing its iconic brick sets and keeping the toy industry afloat
next post
‘Ordinary people with shovels’: Volunteers cleaning Black Sea oil spill ask Putin for help

You may also like

FCC is investigating Disney and ABC for DEI...

Aldi to add 800 new U.S. grocery stores...

Tariffs would be ‘catastrophic’ for sales of tequila...

A key to Biden’s lagging wind energy goal...

Microsoft to cut 3% of its workforce

Federal Reserve official says more U.S. rate hikes...

With Trump all-in on crypto, bitcoin bulls bet...

Macy’s says employee hid up to $154 million...

Striking autoworkers want to end a system that...

NFL hit with $4.8 billion in damages over...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Iran has amassed even more near weapons-grade uranium, UN watchdog says

    • UK to ban sale of disposable vapes in response to soaring waste and safety risks

    • ISIS claims first attacks against forces loyal to new government in Syria

    • ‘A fear campaign.’ Students around the world are shocked, scared and saddened by US visa pause

    • North Korea deploys mystery balloon-like objects to stricken warship, satellite photos show

    Categories

    • Business (1,673)
    • Investing (4,999)
    • Politics (7,837)
    • World (6,352)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top