The Internal Revenue Service has mailed nine million households, notifying them that they are qualified to receive $1,400 stimulus checks for individuals and $2,800 for married couples.
Most of those who are eligible are taxpayers who do not make enough to file federal income tax returns and thus did not receive one or more of the prior stimulus checks. These include single filers with an income below $12,550 ($14,250 for those older than 65) and couples earning under $25,100 ($27,000 for those older than 65). This primarily affects those receiving Social Security payments, but other people may be qualified for them as well.
The potential beneficiaries of these payments could receive a large amount of direct payments. Additionally, there is another $1,400 for dependents, as well as other benefits such as the Child Tax Credit, worth up to $3,600 per child, the Child and Dependent Care Credit, worth up to $8,000, and the Earned Income Tax Credit, worth up to $7,000.
IRS Commissioner Chuck Rettig made it clear in a press release that they expected the letters will help people realize their potential for tax credits and how to apply for them. He also noted that even if the qualified ones aren’t required to file a tax return, they might still qualify for many important credits.
If you have not yet submitted your 2021 tax return, go to ChildTaxCredit.gov to find out whether you are eligible for a Recovery Rebate Credit, which will take care of any stimulus payments you failed to receive, and the Child Tax Credit. Even if you don’t have children, the website’s Get Your Child Tax Credit feature can still provide the correct solution for what you must do.
Additionally, if you have received your federal payments, you could still be qualified for more direct payments from your state.