An exciting update for taxpayers who missed out on previous stimulus checks: the IRS is set to issue an additional Economic Impact Payment starting later this month. This initiative will benefit around 1 million taxpayers who did not claim their stimulus payments while filing their 2021 tax returns. Eligible individuals could receive up to $1,400, with a total of $2.4 billion allocated for this purpose. The Recovery Rebate Credit will automatically be paid out to qualified taxpayers, meaning there's no need for a separate application process. Payments will be disbursed via direct deposit or paper checks, and recipients will receive a notification letter detailing the payment. Importantly, those who did not file taxes in 2021 can still claim their stimulus checks, but they must file their returns by April 15, 2025, to be eligible for the credit and any refunds owed.
Read the full article here.