Since January 24, the IRS Has Distributed Billions of Dollars in Stimulus Checks |Latest Update
The IRS issued a press release on February 14, 2022, announcing the creation of a “special new page” that would provide tax-filing alerts for the upcoming 2021 tax season. The prior tax year’s tax filing season began on January 24, 2022, and returns must be submitted by April 18, 2022.
Unclaimed stimulus funds are a major focus of the new IRS website. In order to claim the Recovery Rebate Credit, taxpayers must follow a detailed set of instructions provided by the Internal Revenue Service. The American Recovery and Reinvestment Act’s $1,400 stimulus checks are referred to as “Eligible Individuals and Dependents” checks. The expanded Child Tax Credit, which was also authorized by the same Act and provides payments of up to $3,600 per child, is also included in the information provided.
Since the beginning of the year’s tax filing season began, the IRS has already sent out billions of dollars in refunds, according to a press release about a special page being created. In spite of the agency’s lack of specifics, it is very likely that some of the money it sent out included unpaid stimulus funds for those who had not received the full amount due last year.
Are You Entitled to a Portion of the Billions of Dollars That the Irs Has Already Sent Out?
Approximately 4 million tax refunds have been issued since the IRS began processing returns on January 24. Direct deposit is the fastest method of receiving a tax refund, so most of these refunds were likely deposited directly into the bank accounts of taxpayers. Most taxpayers who file their returns electronically and request direct deposit will receive their refund within 21 days, whereas those who file by mail or request a refund via paper check may have to wait up to six weeks or more.
Nearly $10 billion in refunds have already been sent out, according to the IRS. When it comes to tax refunds, some of this is standard, while others are more unusual. Even if you didn’t receive all of your stimulus funds last year, you can still claim them as soon as possible by filing a 2021 tax return. People who missed out on the stimulus payments will likely get much larger refunds than usual because the payments can be worth thousands of dollars.
It is possible that the IRS did not distribute payments to those who had not filed a recent tax return.
Those whose incomes dropped significantly but who had previously exceeded the income thresholds for the stimulus check or Child Tax Credit, respectively.
A new dependent in 2021 would not have received a stimulus check or a Child Tax Credit from the IRS because the IRS would not have known about the addition.
Many of the 4 million taxpayers who have already filed their returns and received their refunds may have been in this category. Millions more taxpayers who file returns in the coming weeks are likely to be eligible as well. The sooner you get your paperwork in order, the sooner you’ll be eligible for a refund from the Internal Revenue Service.
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