Did somebody say free money? The IRS is giving around a million U.S. taxpayers back more than a thousand dollars for unclaimed COVID-19 checks.
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In a show of very uncharacteristic generosity, the IRS is giving many people their unclaimed Recovery Rebate Credit. This comes to about $1,400 and is available to those who received less than the full stimulus check or missed one of their claims. It turns out there are more than a million people set to receive the little Christmas bonus.
During COVID-19, the U.S. government tried to stimulate the faltering economy by giving out free money. These stimulus checks went to any and all taxpayers. However, for one reason or another, some missed one or didn't receive it all. Now, as the year comes to a close, the IRS is making sure everyone gets their fair share.
Check If You're Elegible For The IRS Payout
The first thing you will need to do is fill out your 2021 tax return. This will let the IRS know if you're one of the million eligible for the $1,400 payout. Those who filled out the form and left the Recovery Rebate Credit section blank, or entered a 0, will be getting the owed money.
The money will be automatically sent out to those destined to receive this wonderful gift. It will arrive by cheque or direct deposit into the account on the taxpayer's 2023 tax return. It should be with all eligible taxpayers by January 2025 latest. That's a great way to start the year.
But, if you haven't filed your 2021 tax return, you will have to do so before you qualify for the $1,400 IRS bonus. The deadline for this is April 15, 2025.
The payouts by the IRS during COVID-19 totaled $814 billion across the three payments. The checks, designed to stimulate the economy, were a welcome bonus for many. It was a little silver lining to the dreary, seemingly endless, slog of the pandemic.
