Imagine receiving a surprise check in the mail worth up to $1,400 from the IRS. A million U.S. taxpayers who missed out on their stimulus checks during the COVID-19 pandemic are in for a pleasant surprise. These eligible taxpayers will finally receive their lump sums during tax season.
Here are some important points to note about this special payment:
- The IRS estimates that approximately $2.4 billion will be sent to taxpayers by the end of January.
- Married taxpayers filing jointly must have a combined income of less than $160,000 to qualify for some or all of the tax credit. Similarly, heads of households with incomes under $112,500 are also eligible.
- Individuals who were claimed as dependents in 2021 do not qualify for this payment.
- The maximum amount an individual can receive from this tax credit is $1,400.
Commissioner Danny Werfel of the IRS highlighted that eligible taxpayers do not need to take any action. The payments will be made automatically either to the bank account listed on the taxpayer’s 2023 return or to the address the IRS has on file. For those who did not file their 2021 tax returns, they must do so by April 15, 2025, to receive the special payment.
In total, three rounds of stimulus payments totaling $814 billion were distributed to households affected by the pandemic. Under these acts:
– In March 2020, eligible individuals received up to $1,200 per tax filer and $500 per child through the CARES Act.
– In December 2020, eligible individuals received up to $600 per tax filer and per child via the Consolidated Appropriations Act.
– In March 2021, eligible individuals received up to $1,400 per tax filer and per child under the American Rescue Plan Act.
These payments have been a lifeline for many Americans during challenging times. If you are one of the million taxpayers who didn’t claim their stimulus checks, keep an eye out for that surprise check in the mail from the IRS.
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