Atlas: Monterrey

Latest Information on IRS Stimulus Checks

January 2025 Update

As part of ongoing efforts to support taxpayers, the Internal Revenue Service (IRS) is currently issuing automatic stimulus payments to around one million eligible taxpayers. These payments, worth approximately $2.4 billion, are targeted at individuals who did not claim the 2021 Recovery Rebate Credit (RRC) on their tax returns.

What is the Recovery Rebate Credit?

The Recovery Rebate Credit is a refundable credit designed for individuals who missed receiving one or more Economic Impact Payments (also known as stimulus checks). The RRC allows eligible taxpayers to get the full amount of their missed stimulus payments by filing a tax return.

Who Qualifies for the Latest Stimulus Payments?

These automatic payments are primarily for those who:

1. Filed their 2021 tax returns but missed claiming the RRC.
2. Left the RRC field blank or incorrectly filled it with $0.

Individuals who did not file a 2021 tax return can still qualify by filing their return by April 15, 2025. This applies even to individuals with little or no income.

How Much Will You Receive?

Eligible taxpayers can receive up to $1,400 per individual, with payments varying based on specific criteria. Most recipients should expect to receive their payments by late January 2025.

How Will Payments Be Delivered?

The IRS has announced that these payments will be made automatically. They will be directly deposited into the bank accounts listed on taxpayers' 2023 tax returns, or sent by paper check to the address on record. A letter confirming the payment will also be mailed to eligible taxpayers.

Important Deadlines

The IRS encourages non-filers to submit their 2021 tax returns to claim the RRC and any other refunds they might be eligible for. The deadline to file is April 15, 2025.

Final Notes

The IRS continues to improve taxpayer support by ensuring eligible individuals receive their entitled payments seamlessly. Eligible taxpayers can look forward to their payments arriving soon. For the latest updates, you can always check the IRS website.