Americans are facing the struggle for higher prices, specifically in food and housing, even though the country’s economy has improved, so any support program or surprise payments are a great relief for their finances, especially at this time of year.
The Internal Revenue Service (IRS) gave good news to about 1 million taxpayers who will receive a special payment of up to $1,400 at the end of the month that will be deposited into the bank accounts of eligible individuals or with a check sent by mail.
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The beneficiaries will be the one million people who did not claim the federal stimulus check on their 2021 tax returns, so the IRS will issue automatic payments to those who did not claim the Economic Impact Payments (EIP) during the pandemic, which vary from person to person, but the maximum amount is $1,400.
“To minimize headaches and get this money to eligible taxpayers, we are making these automatic payments, which means these individuals will not have to go through the lengthy process of filing an amended return to receive it,” IRS Commissioner Danny Werfel said in a statement, adding, “By looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were eligible.”
How to receive the $1,400 stimulus check?
The IRS clarified that most taxpayers eligible for federal stimulus payments have already received them, however, those who still do not have them and who were found to have filed a 2021 tax return but left the data field for the Recovery Rebate Credit blank or completed it as $0 when they were eligible for the credit.
Eligible taxpayers do not need to take any action, as the payments will be automatically generated this month for direct deposit into the bank account listed on the taxpayer’s 2023 return, although if mailing is required, the check will arrive in late January 2025 at the address the IRS has on file.
The IRS will notify eligible taxpayers by sending letters and has also published online the eligibility criteria and how to calculate the maximum amount of $1,400.