Who is eligible depends on several factors
Photo Courtesy of AP
Here’s who is eligible:
- Taxpayers who filed a 2021 tax return but failed to claim the Recovery Rebate Credit, either by leaving it blank or entering $0 when they were actually eligible for it.
- The payments will vary depending on the amount the taxpayer should have received but can be as much as $1,400 per eligible individual.
- Eligible dependents can also factor into the amount, as seen in the case of Ginny Bultman, who received a payment for herself, her husband, and their underage son.
In total, the IRS will distribute around $2.4 billion to approximately 1 million taxpayers by the end of January 2025.
Payment Breakdown
- The maximum amount is $1,400 per individual, including dependents.
- The Bultman family received $4,200 in late stimulus payments for themselves and their underaged son.
Eligibility Requirements:
- 2021 tax filers who didn’t claim the credit when they were eligible.
- These are mainly people who didn’t know they could claim the Recovery Rebate Credit, despite qualifying for it.
The IRS has published further details online for taxpayers who want to know more about their eligibility and payment calculations.
Background on COVID Stimulus Payments:
There were three rounds of stimulus payments distributed during the pandemic, with amounts based on income, filing status, and number of dependents:
- First round: Up to $1,200 per filer and $500 per child under the CARES Act (March 2020).
- Second round: Up to $600 per filer and $600 per child under the Consolidated Appropriations Act (December 2020).
- Third round: Up to $1,400 per filer and $1,400 per child under the American Rescue Plan Act (March 2021).
If you missed out on any of these payments, this new automatic payment from the IRS could be your chance to claim what you were eligible for!
