$1,400 Stimulus Checks Sends By IRS to 1 Million Taxpayers: What You Need to Know!

The Internal Revenue Service (IRS) in the US has announced that it would be sending $2.4 billion in stimulus payments to 1 million eligible taxpayers who lost out on 2021 COVID-19 relief payments. The payments can be up to $1,400 for each individual. The vast majority should get their payments by the end of January.

What is this stimulus payment?

Given to those taxpayers who did not receive the ‘Recovery Rebate Credit’ in 2021 This credit applies if the taxpayer didn’t get one or more Economic Impact Payments (known as stimulus payments) because he or she had a qualifying child during 2019 who was under age 17 at the end of 2019.

These payments require no action. The payment goes into the individual’s account—or on a paper check—to eligible taxpayers. Along with this, the IRS said that eligible taxpayers will also get a separate letter when they receive the payment.

$1,400 stimulus check: Payment amount

With the exception of determining the exact amount of the payment, the IRS bases this payment on a number of factors but the maximum payment amount is $1,400 per person. The total is $1,400 per eligible adult and per eligible child or adult dependent. If you’re a single filer, your 2021 adjusted gross income must be less than $80,000, and for couples filing jointly, your income must be less than $160,000.

How do I know if I qualified for a stimulus payment?

Most eligible individuals have already received these payments, the IRS has said. All first, second and third Economic Impact Payments have been released by the IRS. If a person has not received a payment, though, they can use the ‘Recovery Rebate Credit‘ to check eligibility.

Taxpayers who use the IRS online account can view the total of the first, second and third Economic Impact Payments from the Tax Records page.

Get a payment or file 2021 tax returns by April 15, 2025.

The IRS also urged taxpayers who haven’t filed a 2021 tax return to file their return by this year’s April 15 deadline so they can claim the ‘Recovery Rebate Credit‘ and get the money to which they’re entitled.

If you did not earn enough income in work, business, or other places to have to file a tax return, then you must still file if you wish to claim it.

What’s coming next?

The tax filing season for 2025 starts on January 27 and by April 15, 2025, you are required to file a tax return. This year, 25 states will offer the IRS ‘Direct File‘ service, launched as a pilot last year.

If you didn’t get the stimulus payment before, that means you can still take timely steps to get your money. You only have to file your tax return on time and to follow any instructions sent by the IRS.

Conclusion

The US citizens are extremely relieved with this stimulus payment of up to $1,400. It gives those who haven’t yet received it another chance to get it. This is the kind of thing you might have to do in addition to filing taxes and the ‘Recovery Rebate Credit‘ rate for getting the payment.

This financial aid is meant to help you survive in the economic crisis and get some relief from the kind of economic crisis it is, and together with the stimulus checks, you can make your financial situation a little better.

FAQs

Q. Who is eligible for the $1,400 stimulus check from the IRS?

A. Eligible individuals who did not receive the Recovery Rebate Credit in 2021 are eligible for the payment, with an income threshold of $80,000 for single filers and $160,000 for joint filers.

Q. How will the stimulus check be delivered?

A. Payments will be either directly deposited into your account or sent as a paper check. Eligible taxpayers will also receive a separate letter notifying them of the payment.