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Sunday, October 1, 2023

Stimulus Check 2022- What To Do If You Haven’t Received A Payment Yet

Recently, there have been reports of the IRS issuing Stimulus Check letters to a large section of the population- those who were eligible to qualify for the payments but hadn’t filed for their required federal income tax return for 2021.

According to the IRS, the members of this group of around 9 million could definitely be considered eligible to claim a certain section of the Recovery Rebate Credit for 2021. They would also be able to claim the Earned Income Tax Credit, the Child Tax Credit, and several other credits which are solely dependent on the current situation. 

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Stimulus Check Payment Eligibles Have Been Sent IRS Letter

It must be said that the first couple of rounds of the stimulus check payments from the government didn’t really put much thought behind which groups needed the most. What can be seen as a blanket response was that the IRS had been tasked with putting those checks into the bank accounts of the American population. After the deposits were made, scholars from the Columbia Business School, the Kellogg Graduate School of Management, the Booth School of Business at the University of Chicago, and the University of Southern Denmark conducted research in order to find if the checks actually helped the economy. 

Most individuals who have received the letter from the IRS have been identified as those who don’t usually file a tax return due to extremely low income. If studies that have been conducted earlier on stimulus check payments are correct, these are the very households that would most likely be needing the money, and further, circulate it back into the economy. The fastest way, therefore, to receive the money-back would be to file an accurate return electronically and then choose the option of direct deposit. 

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