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The IRS is sending out stimulus payments this month to select taxpayers. See if you qualify!
Stimulus Checks Coming Soon!?
Have you heard the news? The Internal Revenue Service announced in December of 2024 that individuals who did not receive one, or more, stimulus payments that they were eligible for during the height of the COVID-19 pandemic may soon see a check in the mail or a bump in their online bank accounts.
According to this press release from the IRS, an estimated $2.4 billion in payments was scheduled to be sent out in December, arriving in bank accounts or mailboxes by late January 2025. The IRS will use bank account and address information from the taxpayer’s 2023 tax return to route the payments.
Are you getting a stimulus check??
To see if you're eligible, here's what you'll need to do –
- Go to IRS.gov and log into your account.
- Click on Tax Records, then scroll down to the Economic Impact Payment Information section.
- Click to expand the 2021 box.
- If you see $0 – it means you're eligible to receive a stimulus check. Qualified taxpayers are those who filed a 2021 tax return, but where the data field for the Recovery Rebate Credit was left blank or was filled out as $0 when the taxpayer was actually eligible for the credit.
What do I need to do?
From December 2024 through January 2025, the IRS will issue Recovery Rebate Credits to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns. No action is needed for eligible taxpayers to receive these payments. The payments will be automatically direct deposited or sent by paper check; eligible taxpayers will also receive a separate letter notifying them of the payment.
Taxpayers who haven’t filed 2021 tax returns but who may be eligible for the Recovery Rebate Credit must file a 2021 tax return by April 15, 2025, to claim the credit and any other refund they might be owed, even if their income from a job, business or other source was minimal or non-existent.
Taxpayers who filed 2021 tax returns and who qualified for the credit but did not claim any portion of it on their 2021 tax return should receive these payments by late January 2025. The payment will be sent to the bank account listed on the taxpayer’s 2023 tax return or to the address of record.
Most taxpayers have already received their EIP and Recovery Rebate Credit, but the IRS says records show that some qualified taxpayers have not. The IRS says those qualified individuals should have received the credit but when they filed their 2021 tax return they either left the Recovery Rebate Credit field blank or filled it out as $0. The payments vary, but the maximum that could possibly be received is $1,400 per individual.
Let us know if you qualify!
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