Stimulus Checks 2024: Who is eligible for the $1,400 payout?

The IRS is set to distribute stimulus checks totalling $2.4 billion to approximately one million taxpayers.

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The Internal Revenue Service (IRS) revealed on Friday that a batch of "special" automatic payments will be issued in the coming weeks.

The IRS is set to distribute stimulus checks totaling $2.4 billion to approximately one million taxpayers, providing a financial boost as the holiday season wraps up.

According to internal IRS data, many taxpayers who filed a 2021 tax return failed to claim the Recovery Rebate Credit (RRC), prompting the agency to take action by issuing these payments to those who were eligible but missed out.

"After reviewing our internal data, we found that a million taxpayers missed out on claiming this complex credit, even though they were eligible for it," said IRS Commissioner Danney Werfel. "To reduce the hassle and get this money to those who are entitled to it, we are making these payments automatic. This way, taxpayers won’t have to file amended returns to receive their credits."

Eligible taxpayers will receive their payments by the end of January, either through direct deposit or via paper check. No further action will be required from the recipients, the IRS confirmed.

Who is eligible for the Stimulus payments?

While most eligible taxpayers have already received their stimulus payments or claimed the Recovery Rebate Credit, some individuals who filed a 2021 tax return—or those who have not yet filed—may still qualify for this payment.

These "special" payments will only be issued to taxpayers who are eligible but failed to claim the credit on their 2021 return. This includes individuals who either left the RRC field blank or listed it as $0, despite being eligible for the credit.

Additionally, taxpayers who have not yet filed a 2021 return may still receive a refund if they file and claim the RRC by April 15, 2025, even if their income was minimal or nonexistent.

• Seniors aged 65 or older who are already receiving SSI benefits.
• Americans with disabilities who are currently receiving SSDI benefits.
• Veterans who are eligible and already receiving benefits through the Department of Veterans Affairs.
• Residents with a valid Social Security number and updated information in SSA records.

How much money will be received?

The payment amount will vary depending on individual circumstances, but the maximum amount eligible taxpayers could receive is up to $1,400 per person. For more details on payment calculations or eligibility, the IRS recommends visiting their official website.

Payments will be sent either to the bank account listed on the taxpayer’s 2023 return or to their recorded mailing address.

What is the Recovery Rebate Credit?

The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (stimulus checks) during the pandemic. Only those who either failed to claim the RRC on their 2021 tax return or have yet to file for 2021 are eligible for this round of payments.

The IRS previously issued three rounds of stimulus checks during the pandemic, so most eligible individuals have already received their payments and will not qualify for the RRC.

Upcoming tax season for 2025

 

 

 

 

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