Have you checked your bank accounts lately? The IRS is now distributing checks of up to $1,400 to one million taxpayers who were eligible for the third coronavirus stimulus but did not claim it on their 2021 tax returns. Many recipients have already reported seeing the much-needed funds in their accounts.
The past two years saw the approval of three economic impact payments, initiated first by former President Donald Trump and continued by President Joe Biden. The first round offered up to $1,200 in early 2020, followed by a $600 payment in early 2021, and finally a $1,400 stimulus in 2021, totaling over 476 million payments amounting to more than $800 billion.
Here’s a breakdown of who is eligible to receive this relief payment and how you can ensure you secure the financial support you’re entitled to:
- Eligibility for the $1,400 Stimulus Check: The IRS is now sending payments to individuals who qualified for the third stimulus but failed to claim it. If you missed out on this opportunity, be sure to file your 2021 tax return by the deadline to receive the credit you deserve.
- Arrival of Stimulus Payment: While some recipients are already seeing the deposit hit their accounts, the IRS assures that all eligible individuals will receive their payment automatically by late January 2025. This streamlined process eliminates the need for extensive paperwork, providing much-needed relief efficiently.
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Payment Distribution: The IRS will send the funds to the bank account listed on your latest tax return or to your registered address. In the event of a closed bank account, the payment will be returned to the IRS, and a physical check will be sent to your address on file.
As we navigate through uncertain times, be sure to keep track of important tax-related information and deadlines to make the most of available financial support. Stay informed and proactive, and remember that help is available when you need it most.
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