In the coming weeks, a small group of taxpayers in the United States will receive a special stimulus check from the IRS. This payment is known as the 2021 Recovery Credit, part of the economic aid distributed during the pandemic.
In March 2021, millions of households received up to $1,400 per person, including an additional $1,400 for each qualifying dependent child, thanks to the American Rescue Plan. However, the IRS recently identified that about one million people did not claim this credit or received less than they were entitled to. Now, pending payments are being sent to correct this situation.
Who will receive this stimulus check?
Although most eligible taxpayers have already received the so-called Economic Impact Payments, the IRS has detected cases where the credit was not properly claimed. This includes people who:
- Filed their 2021 tax return but left the Recovery Credit section blank.
- Entered an amount of $0 in that field, even though they met the requirements to receive the payment.
If you fall into any of these categories, the IRS may owe you this money.
How much money will beneficiaries receive?
The amount of the check varies depending on each case, but the maximum is $1,400 per person. If you have qualifying dependent children, you could receive extra for each one. It is important to note that the payment does not require any additional action from the taxpayer. The IRS will calculate the amount and send it automatically.
How will the money arrive?
The IRS is processing these payments automatically. Taxpayers will receive the money through:
- Direct deposit: If you provided your bank account information on your most recent tax return, the money will be sent directly there.
- Physical check: If you did not register a bank account, the IRS will send a check to the address it has on file.
The money should arrive before the end of the month, so it’s a good idea to keep an eye on your bank account or mail.
No procedures are necessary
One of the most important points is that beneficiaries do not need to do anything to receive this check. The IRS will automatically review 2021 tax returns and process the corresponding payments. If you have questions about whether you qualify, it’s best to review your tax return for that year. If you left the Recovery Credit box blank or did not claim it correctly, you could be on the list of beneficiaries.
This stimulus check represents an opportunity to correct mistakes and ensure taxpayers receive what they are entitled to. Although the group of beneficiaries is small compared to the millions who have already received their payments, for those who do receive it, it can provide significant financial help. If you think you might be among the eligible, check your bank account or wait for a check to arrive. And remember, you don’t need to comlete any extra procedures. The IRS is handling everything automatically.
This process is a reminder of the importance of carefully reviewing tax returns. A small oversight can lead to missing out on important benefits, but in this case, fortunately, the IRS is making the necessary adjustments.
Stay alert and make sure your banking and contact information is up to date with the IRS to avoid delays.
