As the tax filing season kicks off, the IRS is set to distribute automatic payments to approximately one million taxpayers who missed out on claiming their Recovery Rebate Credit on their 2021 tax returns. These payments, which can reach up to $1,400 per individual or $2,800 for married couples, aim to provide financial relief without requiring eligible individuals to file an amended return. Taxpayers with adjusted gross incomes of up to $75,000 (or $150,000 for couples) qualify for the full credit, while those earning above these thresholds may receive reduced amounts. Payments are expected to be direct deposited or mailed out by late January, with eligible recipients receiving a notification letter. If you believe you're eligible but do not receive a payment, you can still claim the credit by filing a 2021 tax return by April 15. The article also touches on the broader implications of stimulus checks and inflation, highlighting ongoing discussions about their impact on the economy.
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