The Internal Revenue Service (IRS) recently announced that they will be sending automatic payments. IRS stimulus checks eligibility,
New York taxpayers, did you receive a Recovery Rebate Credit stimulus check in 2021? If not, you might receive one by the end of January. The Internal Revenue Service (IRS) recently announced that they will be sending automatic payments to qualified individuals who failed to claim the Recovery Rebate Credit on their 2021 tax returns. So, are you eligible to receive one?
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” Danny Werfel, commissioner of the IRS, stated. “We’re making these payments automatic to reduce hassles and ensure that eligible taxpayers receive this money without having to go through the laborious process of filing an amended return.”
What you should know about stimulation checks is as follows.
Who is qualified to receive the Recovery Rebate Credit, and what is it?
If you filed your 2021 tax return and left the Recover Rebate Credit field blank or filled it out as $0 when you were actually eligible for the credit, you may soon be receiving a stimulus check. The IRS says the Recovery Rebate Credit is a refundable credit for people who did not receive one or more Economic Impact Payments, also known as stimulus payments.
How much cash could I get?
The IRS states that the total amount being distributed nationally is $2.4 billion, with the most amount you might receive being $1,400.
How can my stimulation check be obtained?
“There is nothing you need to do to get your stimulus check because the payments are being sent automatically to those who qualify for them,” the IRS said.
In most cases, the checks should arrive by late January 2025 either as a physical check to the address of record or by direct deposit to the bank account specified on your 2023 tax return. The checks were sent out in December. A separate letter alerting you to the payment should also be sent to you if you qualify.
What would happen if I failed to submit my 2021 tax return?
If you claim the Recovery Rebate Credit on your 2021 tax return by April 15, 2025, you might still be eligible for the stimulus payout.
