ELIGIBLE Americans can receive a stimulus payment of $1,400.
There is still an opportunity to claim the payment before the cutoff date.
According to the IRS, over 1 million individuals are still eligible to claim the $1,400 stimulus payment.
This payment aims to offer financial assistance to working Americans.
The IRS is automatically sending stimulus payments to those who did not claim the Recovery Rebate Credit on their 2021 tax forms.
The Recovery Rebate Credit allows taxpayers to claim missed Economic Impact Payments as a refundable credit.
While the deadlines for the first two payments have expired, individuals who did not file a federal return in 2021 can still access funds from the third payment round.
Married couples filing jointly with an Adjusted Gross Income (AGI) of $150,000 or less in 2021 can claim up to $2,800 through the Recovery Rebate Credit.
This credit begins to phase out for those with earnings of $160,000 or more.
Individuals earning above this threshold will not be eligible for the payment.
Those yet to file their 2021 tax returns should also be aware of the Earned Income Tax Credit (EITC).
This benefit is designed to assist taxpayers with children who earn moderate to low incomes.
Eligible individuals may receive as much as $6,728.
Dependents of any age were able to benefit from the $1,400 credit in 2021.
However, income-based phase-out limits still apply.
The IRS began issuing automatic payments in late December 2024 after uncovering numerous individuals who overlooked the Recovery Rebate Credit on their 2021 returns.
Taxpayers who have not submitted their 2021 returns still have until April 15 to qualify, including those with minimal or no income.
This initiative seeks to simplify the process and remove the necessity for amended returns, according to the IRS.
Payments will be sent via direct deposit or check based on information from 2023 returns.
Qualifying recipients will receive a letter confirming their payment.
The IRS will continue to issue payments as 2021 returns are filed.
Taxpayers who did not submit their tax returns for 2021 should ensure they file those returns as well as those for 2024 by the April 15 deadline to receive benefits.
