IRS Sends $1,400 Stimulus Checks to 1 Million Taxpayers Who Missed the Recovery Rebate Credit

The U.S. Internal Revenue Service (IRS) has recently started sending out $1,400 stimulus checks to 1 million eligible taxpayers, as part of the ongoing efforts to assist people who were left out of the previous rounds of COVID-19 stimulus payments. These checks are designed for those who missed out on the Recovery Rebate Credit in their 2021 tax returns but are still eligible for the money.

IRS Sends $2.4 Billion in Stimulus Payments

In an announcement made in December, the IRS revealed that it had already distributed a massive $2.4 billion worth of checks. These payments are part of the COVID-19 stimulus packages that the government introduced to help citizens during the pandemic. While some taxpayers may have already received their Economic Impact Payments (EIPs) or Recovery Rebate Credit, others may not have claimed it due to various reasons. To address this, the IRS is automatically sending out payments to those who missed claiming it.

Why Is the IRS Sending Out 1 Million Checks?

The reason behind this new wave of stimulus payments is straightforward. The IRS noticed that 1 million taxpayers, despite being eligible, did not claim the Recovery Rebate Credit when filing their 2021 tax returns. This oversight could be due to the complexity of the process. IRS Commissioner Danny Werfel mentioned that after reviewing their data, it was discovered that some eligible taxpayers missed out on the benefit.

To simplify the process and ensure people receive the payments quickly, the IRS has made these payments automatic. This means that eligible individuals will not need to go through the lengthy and often complicated process of filing an amended tax return. This decision is aimed at reducing the burden on taxpayers and getting the money to those who need it as soon as possible.

Who Is Eligible for the Stimulus Check?

So, who exactly qualifies for these $1,400 stimulus checks? According to the IRS, the checks are available to U.S. citizens or resident aliens who filed a 2021 tax return, or who are yet to file, and didn’t claim the Recovery Rebate Credit. This is important because many taxpayers might have been unaware that they could claim this credit or may have missed it when they filed their taxes.

The IRS has already sent out stimulus payments to most of the taxpayers who were eligible for the Economic Impact Payments in the past. However, for those who did not claim the Recovery Rebate Credit in 2021, these $1,400 payments will help correct that oversight.

What Does This Mean for Eligible Taxpayers?

If you think you might be one of the 1 million eligible taxpayers for this $1,400 payment, it’s good news! There’s no need for you to take any action at this time, as the IRS is handling everything automatically. The IRS will send the payment to eligible individuals without requiring them to file an amended tax return.

However, if you are uncertain about whether you qualify or have questions about the stimulus payment, it’s always a good idea to check your IRS account or consult with a tax professional. These checks can be a helpful boost for those who missed out on previous payments.

What You Should Do Now

If you haven’t yet filed your 2021 tax return, it’s crucial to do so as soon as possible, especially if you think you might be eligible for the Recovery Rebate Credit. Filing your taxes on time will not only help you potentially receive the stimulus check, but it will also ensure that you are up to date with your tax obligations.

For those who have already filed their taxes but missed the opportunity to claim the Recovery Rebate Credit, the automatic stimulus payment will be a welcomed relief. No further action is required on your part.

Final Thoughts

The $1,400 stimulus checks being sent out by the IRS are a result of the government’s ongoing efforts to provide financial support during the pandemic. While the checks are aimed at helping those who missed out on the Recovery Rebate Credit, they also provide a quick and efficient solution for getting money into the hands of eligible taxpayers without requiring them to go through the complicated process of amending their tax returns.

If you are eligible, keep an eye out for your payment. It may be just the financial boost you need. And remember, if you are unsure about your eligibility or need help navigating the process, don’t hesitate to reach out to a tax professional or the IRS.

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