The Internal Revenue Service is sending unclaimed stimulus checks of up to $1,400 to 1 million US taxpayers in the coming weeks.
Here’s why the payments are going out — and how to find out if you’re eligible for the credit:
Why is the IRS sending out these payments?
The IRS found that “many eligible taxpayers” did not claim the Recovery Rebate Credit on their 2021 tax returns, a credit for taxpayers who didn’t receive at least one stimulus payment — also known as Economic Impact Payments — that went out during the COVID-19 pandemic.
The total cost of these payments will be about $2.4 billion. While many factors determine how much money a taxpayer will receive, the checks will reach up to $1,400.
“The IRS continues to work hard to make improvements and help taxpayers,” IRS Commissioner Danny Werfel said in a statement. “These payments are an example of our commitment to go the extra mile for taxpayers.”
How do I find out if I’m eligible?
The IRS is sending checks to people who filed their 2021 tax returns but left the “Recovery Rebate Credit” field blank or filled it out as $0 despite being eligible for the money.
Taxpayers don’t need to take any action to receive their money. The IRS will send out the payments this month, and they’ll hit taxpayers’ bank accounts or arrive at their addresses by the end of January.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” Werfel said. “To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.”
To find out if you’re getting the credit, check your mailbox. The IRS will send letters to those receiving the payment.
If you haven’t filed your 2021 tax return yet, you could be eligible for the refund if you file by April 15, 2025, the IRS said.
“Eligible taxpayers who did not file must file a tax return to claim a Recovery Rebate Credit, even if their income from a job, business or other source was minimal or non-existent,” the IRS said in a statement.
How likely is it I will receive a payment?
Ultimately, not very likely, according to the IRS. “Most” taxpayers already received their stimulus payments or the recovery rebate credit.
