RECOVERY REBATE CREDIT CHEATSHEET: Americans still have time to score last-minute stimulus checks up to $1,400 – is yours on the way?

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A MILLION Americans should keep an eye out for checks of up to $1,400. Those who are eligible for Recovery Rebate Credit on their 2021 tax returns will benefit from a $2.4 billion IRS payout. A large number of people failed to claim this stimulus money and so in late December the IRS announced it would send out automatic payments.

Recovery Rebate Credit is a refundaable credit for Americans who did not claim any Economic Impact Payments or stimulus checks. IRS commissioner Danny Werfel said: "The IRS continues to work hard to make improvements and help taxpayers." "These payments are an example of our commitment to go the extra mile for taxpayers."

Stimulus checks have been paid out to a million Americans

Stimulus checks have been paid out to a million Americans

The IRS payout comes after data assessed by the service revealed that numerous eligible taxpayers filed returns but failed to claim the credit. Werfel explained: "We realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible.

"To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.” While the majority of people will have now received their checks or rebate credit, some have not.

It comes after taxpayers failed to claim their Recovery Rebate Credit

It comes after taxpayers failed to claim their Recovery Rebate Credit

IRS payments will only be issued to those whose data shows they are eligible for the credit and have not yet received it. Some of these include taxpayers who did not file 2021 tax returns. Those who are eligible have to take action by April 15, 2025 to claim the cash.

Their tax returns must be filed by this date regardless of income but other than that, no further action is required. The amount for credit is capped at $1,400 per person though an exact amount will vary per taxpayer.

The first wave of checks was sent by the IRS last month and should have arrived already or will do over the next few days. Recipients will either get a physical check or a direct deposit into the bank account listed in their tax return or recorded address.

There will also be a separate letter from the IRS confirming the rebate.

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