To make sure that qualified taxpayers who were not able to get the third stimulus payment get their money back, the Internal Revenue Service (IRS) is acting proactively. Those who failed to claim their Recovery Rebate Credit on their 1040 tax form will receive $1,400 checks from the IRS in January 2025. This program provides a cash boost to more than a million Americans who were qualified for the payout during the pandemic but did not get it.
The IRS has declared that these payments will be made automatically as tax season draws near, so qualified taxpayers won’t need to submit an amended return. “We are making these payments to ensure eligible taxpayers receive their money and to minimize the headaches,” said IRS Commissioner Danny Werfel.
The IRS’s dedication to streamlining the procedure and making sure that money reaches the people who need it most is demonstrated by this ruling.
These payments will go to people who were entitled for the Recovery Rebate Credit but did not claim it on their 2021 tax return. The maximum amount is $1,400 for each individual, and up to $2,800 for married couples filing jointly. To ensure that the distribution is fair and targeted, the amount may change depending on variables including income and filing status.
These payments will be sent automatically starting in December 2024, according to the IRS, and beneficiaries should anticipate to receive them by the end of January 2025. Payments will be made by cheque or directly deposited into the bank account specified on the taxpayer’s 2023 return.
The $1,400 payout is still available to individuals who have not yet submitted their 2021 tax return. To qualify, taxpayers must file their return by April 15, 2025. Since filing is a requirement for obtaining the credit and getting the payment, even those with little to no income are urged to do so.
The IRS will notify the recipients of the Recovery Rebate Credit payments in order to keep taxpayers updated. The bank will return the payment to the IRS, which will reissue it to the recorded address if the taxpayer’s bank account has been closed since submitting their 2023 return. This guarantees that the money will reach the right people and not be lost.
Taxpayers are invited to visit the official IRS website at irs.gov to confirm their eligibility and obtain additional information about these payments. To help people understand their eligibility and the procedure for obtaining their reimbursement, the website offers extensive information and resources.
This IRS campaign emphasizes how crucial it is to guarantee that all qualified taxpayers have the funding to which they are legally entitled. To help those who missed the third stimulus payment during the pandemic and reduce financial hardship, the IRS is automating the procedure and offering clear information.
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