Have you not received any funding? You may be eligible for $1,400

The IRS says it is sending checks to thousands of taxpayers who did not claim the refund credit on their 2021 tax returns.

The IRS announced the special move after reviewing internal data showing that many eligible taxpayers had filed a tax return but not claimed the credit, the department said in a news release. The loan is a repayable loan for people who have not received one or more Economic Impact Payments, also known as stimulus payments.

The payments total about $2.4 billion, according to the IRS.

“The IRS continues to work hard to make improvements and help taxpayers,” said IRS Commissioner Danny Werfel. “These payments are an example of our commitment to going the extra mile for taxpayers. To minimize hassle and make this money available to eligible taxpayers, we are making these payments automatically.”

The IRS said affected applicants do not need to do anything to receive the checks; They will be sent automatically this month and should arrive by the end of January 2025 in most cases.

Is there a way to check if I’m receiving money?

Most taxpayers who are eligible for EIPs have already received their EIP, or Recovery Rebate Credit, according to the IRS.

People who entered a value of $0 in the refund credit field or left the section blank on their 2021 tax forms are eligible for the credit.

How do I receive the money?

Payment will be deposited directly to the bank account listed on the eligible individual’s 2023 tax return or sent to the address of record.

An IRS letter will be sent to taxpayers who receive these 2021 refund credits. If taxpayers have closed their bank account since filing their 2023 tax return, the bank will return the payment to the IRS and the refund will be reissued to the address of record.

How much is the payment?

Payments depend on several factors, but the maximum payment is $1,400 per person, according to the federal agency.

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