WASHINGTON – On Dec 20, 2024, the USA’s tax department, the Internal Revenue Services or IRS announced that it would be issuing payments to those people who did not claim their Recovery Rebate Credit on their 2021 tax returns. The total amount of the payments going out would be approximately $2.4 billion, with the maximum amount per person being $1,400.
What is a Recovery Rebate Credit?
According to the IRS’s website, “The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (EIP), also known as stimulus payments.”
Who is eligible to obtain the stimulus?
Those individuals who have filed tax returns for the year 2021 are eligible for the stimulus. Those who have not yet filed must file by April 15, 2025 to claim their credit or any other refund for which they may be eligible.
What needs to be done to claim the stimulus check?
There is no action needed from the tax payer to claim the stimulus check. The amount will begin to be dispatched from December until late January. The amount may be sent as a direct deposit or in the form of a paper check. Certain eligible taxpayers may also receive a letter of notification of the payment.
How much can an individual receive in payments?
As per the IRS, the payment to each individual varies, but the maximum payout per individual is capped at $1,400. The total amount of payment disbursed is approximately $2.4 billion.
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