The Internal Revenue Service (IRS) has rolled out a new round of payments, offering up to $1,400 to eligible taxpayers who missed out on the third round of Economic Impact Payments (EIPs).
These special payments aim to rectify overlooked claims under the Recovery Rebate Credit (RRC) on 2021 tax returns. Here’s a comprehensive guide to eligibility, payment methods, and how to track your funds.
Who Is Eligible?
These payments are targeted at individuals who:
- Filed their 2021 tax returns but did not claim the Recovery Rebate Credit or entered $0 in the designated field despite being eligible.
- Meet the original requirements for the third round of EIPs, including:
- Income Thresholds: Adjusted Gross Income (AGI) up to $75,000 for individuals, $112,500 for heads of household, and $150,000 for married couples filing jointly.
- Residency or Citizenship: Must meet U.S. residency or citizenship criteria.
If you did not file a 2021 tax return but believe you qualify, you have until April 15, 2025, to submit your filing and claim the credit.
Payment Distribution
The IRS has assured taxpayers that payments will be issued automatically, with no additional action required for eligible recipients. The payment process includes:
- Direct Deposits: Funds sent to the bank account on record with the IRS.
- Paper Checks: Mailed to taxpayers without direct deposit information.
The rollout began in December 2024, with most payments expected to reach recipients by late January 2025.
How to Track Your Payment
While the IRS’s previous “Get My Payment” tool has been retired, taxpayers can access their IRS online accounts for detailed payment records. Here’s how:
- Log in to your account at IRS.gov.
- Navigate to the “Tax Records” section to view payment details and history.
This tool also allows taxpayers to verify all Economic Impact Payments they’ve received, ensuring accuracy and transparency.
Frequently Asked Questions
- What if I don’t receive my payment?
If eligible and you don’t receive your payment by January 2025, verify your details in your IRS online account. For unresolved issues, contact the IRS directly. - Can I claim past missed payments?
Yes. Taxpayers can claim missed EIPs by filing a 2021 tax return and requesting the Recovery Rebate Credit. The deadline for filing is April 15, 2025. - Will I receive a notification?
The IRS is sending letters to notify eligible taxpayers. These letters will detail the payment amount and distribution method.
Stay Alert: Avoid Scams
The IRS has warned taxpayers to be cautious of misinformation and scams circulating on social media and other platforms.
These $1,400 payments are exclusively for those who missed the Recovery Rebate Credit in 2021. Avoid sharing personal information with unsolicited messages or emails claiming to offer additional funds.
Final Notes
The IRS’s initiative ensures that eligible taxpayers who missed out on the third round of stimulus payments have another chance to claim the financial assistance they’re owed.
If you believe you qualify but haven’t acted yet, file your 2021 tax return as soon as possible to secure your payment. For reliable updates and resources, visit IRS.gov.
