The IRS plans to send out $1,400 stimulus checks to individuals and $2,800 checks to couples, and you might be one of the nine million households getting the payments.
The tax agency is distributing letters to recipients, which mostly include taxpayers who don’t need to file federal income tax returns because they don’t earn enough to warrant one, and because of that, didn’t get one or more of the original stimulus checks. Those recipients include single filers making less than $12,550 ($14,250 for those older than 65), and couples making less than $25,100 ($27,000 for those older than 65). This mostly affects those receiving Social Security but many others might be eligible and get the letter as well.
Those who do could see a nice amount of direct payments. Along with the stimulus checks for individuals and couples, there is also another $1,400 for dependents, plus other benefits like the Child Tax Credit, which is worth up to $3,600 per child, child and dependent care credits up to $8,000, and the Earned Income Tax Credit, which is worth up to $7,000.
In a press release, IRS Commissioner Chuck Rettig explained, “We don’t want people to overlook these tax credits, and the letters will remind people of their potential eligibility and steps they can take.” He added, “We encourage people who haven’t filed a tax return yet for 2021 to review these options. Even if they aren’t required to file a tax return, they may still qualify for several important credits.”
Keep an eye out for a letter from the IRS if you think you are eligible for any of the payments, but you can also head to IRS.gov/Coronavirus/EIP and ChildTaxCredit.gov to learn more if you think you missed any checks. Meanwhile, even if you have gotten your federal payments, you might still be eligible for more direct payments from your state.
