The IRS is preparing something that might interest you: in the coming weeks, about one million taxpayers will receive a stimulus check of up to $1,400.
Why? Well, it seems that many people failed to claim credit when filing their 2021 tax return. According to the IRS, in many cases, the field for the Recovery Rebate Credit was left blank or filled with “0,” when in reality, they were entitled to that money.
This credit was created to help those who, for one reason or another, did not receive one of the three COVID-19 stimulus payments or did not get the full amount. It’s like being left off the distribution list, but now the IRS is reviewing the data and correcting those errors.
What is the Recovery Rebate Credit that will get you a stimulus check?
According to Danny Werfel, the IRS commissioner, the goal is to simplify the process for taxpayers. Instead of asking you to file an amended return (something that could give you more than one headache), the IRS has decided to do it for you, automatically. So, if you’re among those affected, the money will arrive in your bank account or at the address they have on file.
When will you receive the money?
If you’re one of the lucky ones, the deposit will arrive directly into the bank account you used on your 2023 tax return. If not, you’ll receive a check by mail at the registered address. The best part: you don’t have to do anything. The IRS estimates that most payments will be in the hands of taxpayers by the end of January.
If you believe you could be included in the list of one million taxpayers, be sure to monitor your bank account or mailbox in the upcoming weeks. It could be a small surprise you didn’t expect, but that will surely come in handy.