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See eligible taxpayers, amounts for January 2025
Texans who didn’t receive a stimulus check from the Recovery Rebate Credit in 2021 could get a surprise deposit by the end of January.
The Internal Revenue Service announced in December that it will begin issuing payments later this month to 1 million taxpayers who missed claiming them when filing their 2021 tax returns.
The IRS said the decision came about after reviewing internal data, which showed eligible taxpayers who filed a return did not claim the credit. The Recovery Rebate Credit is a “refundable credit for individuals who did not receive one or more Economic Impact Payments, also known as stimulus payments,” according to the IRS.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” IRS Commissioner Danny Werfel said in a news release. “To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.”
How can you receive a stimulus check, and how do you know if you’re eligible? Here’s what to know:
People are also reading:When does IRS start accepting tax returns? See first day to file, how to track your refund
What do I need to do to receive a stimulus check?
According to the IRS, eligible taxpayers do not need to do anything to receive the stimulus payments, which went out automatically in December and should arrive by late January this year.
Taxpayers will receive the payments by either direct deposit or paper check, the IRS said. The payment will be deposited directly into the bank account provided on the eligible person’s 2023 tax return or sent to the address of record.
Am I getting a stimulus check in 2025? How to check eligibility
Eligible taxpayers will receive a separate letter notifying them of the incoming stimulus payment.
In addition to the notification letters, taxpayers can look back at their 2021 tax returns and see if they left the Recovery Rebate Credit field blank or filled it out as $0. The IRS states that those receiving the payment are “taxpayers for whom IRS data indicates qualification for the credit.”
How much money will I get?
Stimulus payments will vary, but the maximum amount an eligible taxpayer could receive is $1,400, according to the IRS.
The total estimated amount being disbursed nationwide is $2.4 billion, the revenue service said.
What if I didn’t file a 2021 tax return?
Those who did not file a 2021 tax return could still be eligible to receive the stimulus check if they file their 2021 return and claim the Recovery Rebate Credit by April 15, 2025, the IRS said.
“Eligible taxpayers who did not file must file a tax return to claim a Recovery Rebate Credit, even if their income from a job, business or other source was minimal or non-existent,” according to the IRS.
USA TODAY contributed to this report.
Attention all taxpayers! Are you wondering if you are eligible for any tax refunds or credits for January 2025? Look no further! Check out the following list of eligible taxpayers and the corresponding amounts:
1. Single individuals with an adjusted gross income of $50,000 or less may be eligible for a tax refund of up to $500.
2. Married couples filing jointly with an adjusted gross income of $75,000 or less may be eligible for a tax credit of $1,000.
3. Parents with children under the age of 18 may be eligible for a child tax credit of $500 per child.
4. Small business owners with a net profit of $50,000 or less may be eligible for a small business tax credit of $1,000.
Make sure to check the IRS website or consult with a tax professional to determine your eligibility and claim any potential refunds or credits for January 2025. Don’t miss out on these valuable opportunities to save money on your taxes! #taxseason #taxcredits #taxrefunds #January2025
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taxpayer eligibility, January 2025 tax amounts, IRS updates, tax information, income tax updates, tax season, tax deductions, tax credits
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