Some Americans may still qualify for a stimulus check, according to the Internal Revenue Service (IRS). The IRS announced in a recent memo that some taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns have already started receiving payments. The agency stated that eligible taxpayers do not need to take any action to receive these payments if they have not yet received the funds.
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The deadline to receive the Recovery Rebate Credit, which is worth up to $1,400, is April 15, 2025. To qualify for this credit, individuals must file their 2021 tax return before the cutoff date, as reported by Forbes. IRS commissioner Danny Werfel expressed the agency’s commitment to helping taxpayers and mentioned that one million taxpayers who were eligible for the credit overlooked claiming it.
The Economic Impact Payments (EIP), also known as stimulus payments, were initially issued during the COVID-19 pandemic when many individuals were facing financial hardships due to the nationwide lockdowns. Payment amounts will vary based on individual circumstances, with the maximum amount being $1,400. The IRS estimates that around $2.4 billion will be distributed in payments.
Individuals who file taxes separately must have an adjusted gross income (AGI) of no more than $75,000 to qualify for the full $1,400 credit. For married individuals filing jointly, the combined AGI should be $150,000 or less to receive $2,800, with the credit phasing out completely at $160,000. Dependents are also eligible to receive the full $1,400, regardless of their age in 2021.
The IRS has made these payments automatic to reduce the burden on taxpayers and ensure that eligible individuals receive the money without having to file an amended return. If you believe you may be eligible for the Recovery Rebate Credit, visit IRS.gov for more information. Stay updated on the latest news and stories by signing up for PEOPLE’s free daily newsletter.
In other news, Harvard University recently announced the provision of free tuition for undergraduate students from families earning $200,000 or less. The FBI has issued warnings about ‘smishing’ attacks, advising individuals to delete suspicious text messages from their iPhones and Android devices. Meanwhile, astronauts who were ‘stranded’ in space for nine months have successfully returned to Earth.
As the IRS continues to disburse stimulus payments to eligible individuals, it is important for taxpayers to stay informed about the process and requirements for claiming the Recovery Rebate Credit. By ensuring timely submission of tax returns and meeting the eligibility criteria set by the IRS, individuals can benefit from the financial support provided through the stimulus checks.