The Internal Revenue Service (IRS) is working to distribute $1,400 stimulus checks to more than a million individuals who missed out during the COVID-19 pandemic. These payments are part of the third round of economic impact payments that the government issued to help people cope with the economic effects of the coronavirus crisis.
Despite filing their 2021 tax returns, many eligible taxpayers didn’t claim the payment through the Recovery Rebate Credit, prompting the IRS to step in. The agency found that around one million people were eligible for the stimulus payment but didn’t claim it. To ensure these individuals receive their rightful money, the IRS has decided to send these payments automatically.
To qualify, taxpayers needed to have filed their 2021 tax returns. For those who haven’t filed yet, there’s still time. The IRS has extended the filing deadline to April 15, 2025. However, after this date, the U.S. Treasury Department will keep any unclaimed funds.
IRS Commissioner Danny Werfel said in a press release, “To minimize headaches and ensure eligible taxpayers receive their money, we are making these payments automatic, eliminating the need for an amended return.”
This decision aims to make the process smoother and quicker for those who missed the payment while filing their taxes earlier.
Who Will Receive the Payment?
Eligible taxpayers who filed their 2021 tax returns but either left the Recovery Rebate Credit field blank or mistakenly entered $0, even though they qualified, will get the third stimulus check in January. The IRS hopes this automatic distribution process will reach those who unintentionally missed out on the payment during their original filing.
What If You Haven’t Filed Your Taxes Yet?
If you haven’t filed your tax returns yet, don’t worry! You still have the chance to receive the stimulus payment. However, it’s important to note that the IRS has set the deadline for filing at April 15, 2025. Missing this deadline means you will not be able to get the $1,400 payment, so it’s crucial to act before that date.
Income Limits for Eligibility
To qualify for the $1,400 stimulus payment, certain income limits apply. For single taxpayers, the income must not exceed $75,000. For heads of household, the limit is $112,500, and for married couples filing jointly, the threshold is $150,000. These income limits are key in determining who can receive the stimulus payment, ensuring the financial support reaches those who need it the most.
Why is the IRS Doing This?
The IRS’s proactive efforts to distribute these payments highlight how important it is for taxpayers to file their returns accurately and on time. The extended deadline gives eligible individuals more time to claim their $1,400 stimulus check, showing the IRS’s commitment to supporting Americans during difficult times. With this automatic distribution process, taxpayers can get their money without any extra steps, as long as they file their returns correctly.
The IRS’s efforts to reach people who missed out on the stimulus check earlier shows that they’re committed to helping those in need. By extending the deadline for filing taxes, the agency is providing a crucial opportunity for eligible individuals to claim the money they’re owed.
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