A $2.4 billion surplus in federal relief funds has prompted the IRS to send $1,400 checks to people who missed earlier stimulus payments. About one million individuals will receive the money automatically, either by direct deposit or through a mailed check, in the coming weeks.
Relief Payments Provided Billions to Americans During Pandemic
Over the course of the epidemic, direct payments totaling $390 billion were distributed to millions of people in the United States as part of the relief operations.
Initially, eligible individuals received a stimulus check in the amount of $1,200 in April of 2020. Subsequently, they received an additional $600 in December of 2020, and ultimately, they received $1,400 in March of 2021.
As a result of the fact that there is a surplus of $2.4 billion after all of those payments, the Internal Revenue Service is distributing an additional one million checks of $1,400 each, Elvis Duran Show reports.
IRS Announces $2.4 Billion in Leftover Stimulus Funds
People who did not receive the entire amount of the stimulus checks or who did not claim a Recovery Rebate Credit on their 2021 tax returns will be eligible to receive the special payments at the end of the next couple of weeks. These payments will be issued to those individuals who missed one of the original stimulus installments.
The Commissioner of the Internal Revenue Service, Canny Werfel, issued a statement in which he noted that after reviewing our internal data, we discovered that one million taxpayers failed to claim this complicated credit while they were genuinely qualified to do so.
Automatic Deposits for Eligible Taxpayers
The most wonderful aspect is that those individuals who are entitled to receive the check do not have to do any action in order to acquire it. In its place, it will either be put immediately into the bank account that they specified on their tax return for the year 2023, or it will simply be mailed to them in the form of a check, Newsbreak shares.
You may still be entitled for the Recovery Rebate Credit even if you did not submit a tax return for the year 2021; nevertheless, you will be required to file a tax return by the 15th of April and claim the credit, regardless of whether or not your income was low or non-existent.
Tax Filing Requirements for Recovery Rebate Credit
Depending on the amount that is outstanding, the payments will make up no more than $1,400. Additionally, those individuals who are going to be receiving a check will be sent a letter from the Internal Revenue Service informing them of the forthcoming payment.
