Who are among the more than 2 million Americans who will receive automatic stimulus payments of $ 1,400 sent by the US Treasury?
The Internal Tax Service of the United States is distributing approximately 2.4 billion dollars to taxpayers who did not receive their stimulus payments for the Covid-19 pandemic. By the end of January, approximately one million people will receive special payments of up to $ 1,400.
The IRS (acronym in English of the Fiscal Collection Agency) indicated that these payments are distributing to taxpayers who did not claim a reimbursement recovery loan in their 2021 tax statements. It is a refundable credit for individuals who did not receive One or more payments of economic impact (EIP, for its acronym in English), also called stimulus payments.
“When reviewing our internal data, we realized that one million taxpayers overlooked this complex credit when they actually met the requirements to do so,” Danny Werfel, IRS commissioner said in a statement.
Next we present what it requires to know about the IRS payments:
Who is eligible to receive a check?
The special payments announced by the IRS are being sent to those taxpayers who submitted a tax declaration of 2021 but left the data field for the refund recovery credit or filled it or filled it as 0 dollars when in reality they did meet the requirements To receive it.
How much money will eligible taxpayers receive?
Payments will vary, but the maximum amount will be $ 1,400 per individual. In total, IRS will distribute approximately 2.4 billion dollars to taxpayers who did not claim a reimbursement recovery loan in their 2021 tax statements.
The IRS has published online information about eligibility and how the payment was calculated.
Why is IRS sending stimulus checks?
Refund recovery credit is a reimbursable loan for individuals who did not receive economic impact payments for 2020 and 2021.
The IRS announced this initiative after reviewing their internal data and finding that many eligible taxpayers who submitted a 2021 tax declaration did not claim credit.
“To minimize headaches and deliver this money to eligible taxpayers, we are making these payments automatic, which means that it will not be required that these people have to go through the extensive process of presenting a statement amended to receive it,” he said Werfel.
If I qualify for a stimulus payment, how will I receive it?
If you qualify for the refund recovery credit, you don't have to take any action. The IRS plans to send letters to eligible taxpayers by notifying them of the special payment. Payments will be automatically sent this month and should arrive by direct deposit or check at the end of January. They will be sent to the bank account that appears in the taxpayer's tax declaration of 2023 or to the address that the IRS has in their files.
What happens if I have not yet submitted my tax declaration of 2021?
I could still receive the money. However, taxpayers need to submit a tax declaration and claim the reimbursement recovery credit before the deadline visits on April 15, 2025, even if any income of a job, business or other source was minimal or non -existent, according to The IRS.
How many rounds of stimulus payments by COVID-19 were there?
There were three rounds of payments to households affected by the pandemic, which in total added 814 billion dollars. To carry them out, the IRS was based on the amounts that taxpayers received in income, the status of their tax declaration and the number of children or dependents qualified.
In March 2020, eligible people received up to $ 1,200 for each person who submitted a declaration of income tax and $ 500 per child under the Law of Aid, Relief and Economic Security by Coronavirus (Cares) . In December 2020, eligible individuals received up to $ 600 per tax declarant and $ 600 per child under the law of consolidated assignments. In March 2021, eligible individuals received up to $ 1,400 for each person who declares taxes and $ 1,400 per child under the Law of the US Rescue Plan.