The IRS is rolling out a new round of stimulus payments, and about one million taxpayers could see a check of up to $1,400 in the coming weeks. Why? Many people missed out on claiming a Recovery Rebate Credit when filing their 2021 tax returns. If this sounds like you, keep reading to see if you’re eligible and when you can expect this surprise payment.
Table of Contents
Recovery Rebate Credit
The Recovery Rebate Credit was introduced to assist those who missed receiving their full COVID-19 stimulus payments. For various reasons, some taxpayers either left the credit field blank on their 2021 tax return or entered “0” when they were entitled to a payout.
Now, the IRS is stepping in to fix the issue automatically. Instead of asking taxpayers to amend their returns—a process that can feel as complicated as assembling IKEA furniture—the IRS is taking care of the adjustments themselves.
IRS Commissioner Danny Werfel explained, “We want to make taxpayers’ lives easier. These types of payments demonstrate our commitment to going above and beyond to assist.”
How It Works
If you’re eligible, the IRS will review your tax return and determine whether you qualified for the Recovery Rebate Credit. The process is fully automated, so you don’t have to fill out any forms, file an amended return, or make a single call. The payment will be sent directly to the bank account or address they have on file for you.
Here’s what to expect based on your situation:
| Payment Method | How You’ll Receive It |
|---|---|
| Bank account on file | Direct deposit |
| No bank account listed | Check mailed to your address |
When Will You Receive the Money?
Good news! The IRS plans to complete most payments by the end of January. That means you could have the money in your account or mailbox in just a few weeks.
If you’re wondering whether you’re among the lucky one million taxpayers, keep an eye on your bank statements or mailbox. It’s always exciting to find unexpected cash—especially when you don’t have to jump through hoops to get it.
Why This Matters
For many Americans, an extra $1,400 could make a significant difference, whether it’s used to pay bills, save for an emergency, or treat yourself to something special. The IRS’s proactive approach to correcting these missed credits reflects their commitment to helping taxpayers navigate a complex system.
What Should You Do?
Absolutely nothing! If you’re eligible, the payment will be processed automatically. However, if you believe you should have received the Recovery Rebate Credit and haven’t heard anything by February, you might want to contact the IRS for more information.
FAQs
What is the Recovery Rebate Credit?
It’s a tax credit for those who missed COVID-19 stimulus payments.
Who qualifies for the $1,400 payment?
Taxpayers who didn’t claim the Recovery Rebate Credit in 2021.
Do I need to file an amended return?
No, the IRS will process the payment automatically.
When will I get my stimulus check?
Most payments will be sent by the end of January.
How will I receive the payment?
Through direct deposit or a mailed check.
