In a recent announcement, the Internal Revenue Service (IRS) revealed that it will be distributing approximately $2.4 billion in stimulus checks to eligible U.S. taxpayers. This move aims to provide financial relief to individuals who did not claim the Recovery Rebate Credit on their 2021 tax return.
Who is Eligible?
According to the IRS, eligible taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax return will receive a stimulus check. The Recovery Rebate Credit was a refundable tax credit provided to individuals who did not receive the full amount of the Economic Impact Payments (EIPs) in 2020 and 2021.
To be eligible for the stimulus check, taxpayers must meet the following criteria:
- Did not claim the Recovery Rebate Credit on their 2021 tax return
- Were eligible for the EIPs in 2020 and 2021
- Have a valid Social Security number or Individual Taxpayer Identification Number (ITIN)
How Much Can You Expect to Receive?
The amount of the stimulus check will vary depending on individual circumstances. Eligible taxpayers can expect to receive up to $1,400 per person, including children. The IRS will calculate the amount based on the taxpayer’s 2021 tax return and the number of dependents claimed.
When Can You Expect to Receive Your Stimulus Check?
The IRS has already begun processing the stimulus checks, and eligible taxpayers can expect to receive their payments in the coming weeks. The exact timeline for distribution has not been announced, but the IRS recommends checking the “Get My Payment” tool on their website for updates on the status of your payment.
What to Do If You’re Eligible
If you believe you’re eligible for a stimulus check, there’s no need to take any action. The IRS will automatically process and distribute the payments to eligible taxpayers. However, if you have any questions or concerns, you can visit the IRS website or contact their customer service department for assistance.
