The Money Cruncher, CPADec 23, 2024
IRS just announced $1,400 stimulus checks for 1 million taxpayers who didn't receive them.

Here's how it works and how to ensure you get yours:
🧵
Show threadThe Money Cruncher, CPADec 23, 2024
In 2021, the IRS created a "Recovery Rebate Credit" that was claimed on the 2021 tax return for people who didn't receive their stimulus checks.

The maximum credit was $1,400 per person, including all qualifying dependents claimed on a tax return.
Show threadThe Money Cruncher, CPADec 23, 2024
In order to receive this credit, you had to:

> be a U.S. citizen or U.S. resident alien in 2021
> not dependent
> valid SSN
> income of $80,000 (single)/$160,000 (married jointly) or less
Show threadThe Money Cruncher, CPADec 23, 2024
However, today the IRS announced "Looking at our internal data, we realized that 1 million taxpayers overlooked claiming this complex credit when they were actually eligible."
Show threadThe Money Cruncher, CPA
So, there were 1 million of people who never claimed this credit on their tax return (even though they qualified) totalling around ~$2.4 billion.

Most taxpayers eligible for $1,400 stimulus checks have already received their check or claimed Recovery Rebate Credit.
Dec 23, 2024 at 11:52pmWeb
Show threadThe Money Cruncher, CPADec 23, 2024
The $1,400 checks that were announced today are are only going to taxpayers where IRS data demonstrates a taxpayer qualifies for the credit.

So, how do you get it?
Show threadThe Money Cruncher, CPADec 23, 2024
Taxpayers who qualify but did not claim any portion of the credit on their 2021 tax return should receive these payments by late January 2025.

The payment will be sent to the bank account listed on the taxpayer’s 2023 tax return or to the address of record.
Show threadThe Money Cruncher, CPADec 23, 2024
An IRS letter will be sent to the taxpayer receiving these 2021 payments.

If you closed the bank account since filing the 2023 tax return, you do not need to take any action.

The bank will return the payment and the refund will be reissued to the address of record.
Show threadThe Money Cruncher, CPADec 23, 2024
IMPORTANT - If you did not file your 2021 tax return (maybe the income was minimal, or non-existent), you must file the tax return BEFORE April 15, 2025, deadline to claim the credit and receive a refund.
Show threadThe Money Cruncher, CPADec 23, 2024
If you enjoyed this post, please:

1. follow me @themoneycruncher

2. repost the first post