Did you miss out on receiving the Restoration Rebate Credit score in 2021?
The IRS simply introduced its plans to situation the funds beginning later this month to 1 million taxpayers who did not declare it whereas submitting for his or her 2021 tax returns.
“The IRS introduced the particular step after reviewing inside knowledge displaying many eligible taxpayers who filed a return however didn’t declare the credit score,” the company mentioned in a press launch.
Whereas most eligible taxpayers obtained their stimulus checks or credit score, those that have not can anticipate to obtain their 2021 Restoration Rebate Credit score in late January in the event that they did not obtain a stimulus verify earlier than.
Here is what to know.
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Taxpayers can anticipate to obtain a most of $1,400, based on the IRS. A complete of $2.4 billion will probably be despatched to those that missed receiving the credit score.
Individuals don’t have to do something to obtain their funds, as they’ll mechanically be despatched out to taxpayers in December and can arrive generally by late January.
Eligible taxpayers will obtain a separate letter notifying them of the fee.
Funds will probably be mechanically direct deposited or despatched by a paper verify, based on the IRS.
The fee will probably be direct deposited into the checking account offered on the eligible particular person’s 2023 tax return or despatched to the handle of file.
Individuals who did not file their taxes in 2021 can nonetheless be eligible to obtain their stimulus checks, the IRS acknowledged.
However, they solely have till April 15, 2025 to “file their returns to say the credit score and every other refund they may be owed.”
Individuals who positioned a $0 on the sphere for the Restoration Rebate Credit score on their 2021 tax varieties or left the part clean are eligible for the credit score.
In response to the IRS, these receiving the fee are “taxpayers the place IRS knowledge demonstrates a taxpayer qualifies for the credit score.”
Julia is a trending reporter for USA TODAY. You may join along with her on LinkedIn, comply with her on X, previously often known as Twitter, Instagram and TikTok: @juliamariegz, or e-mail her at [email protected]
This text initially appeared on USA TODAY: IRS sending missed stimulus checks to 1 million taxpayers
