Nine million families have received letters from the IRS informing them they are eligible for stimulus cheques of $1,400 for individuals and $2,800 for couples.
Taxpayers who don’t have to file federal income tax returns since they don’t make enough money to qualify for one and didn’t receive one or more of the original stimulus checks are the majority of beneficiaries.
Individuals making less than $12,550 ($14,250 for those over 65) and couples earning less than $25,100 ($27,000 for those over 65) are eligible for these benefits. Although many others may be eligible, those receiving Social Security are the most impacted group.
Direct payouts could be rather substantial for those who are. In addition to the additional $1,400 for dependents that come with the stimulus checks for singles and couples, there are also other benefits like 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.
In a press release, IRS Commissioner Chuck Rettig stated, ” We don’t want people to overlook these tax credits, and the letters will remind people of their potential eligibility and steps they can take.” He added, “We encourage people who haven’t filed a tax return yet for 2021 to review these options. Even if they aren’t required to file a tax return, they may still qualify for several important credits.”
Visit ChildTaxCredit.gov to learn more if you believe you qualify and haven’t already filed a 2021 income tax return. You can also file a short tax return to receive the 2021 Recovery Rebate Credit, which covers any stimulus payouts you missed in addition to the Child Tax Credit. The website’s Get Your Child Tax Credit option can help you with your needs even if you don’t have children.
If your federal funds have already been received, you might still be qualified for further direct payments from your state.
