With inflation and the rising cost of living putting financial strain on many Americans, the IRS is stepping in to provide relief. Around one million taxpayers are set to receive special payments of up to $1,400 through a refundable credit. This financial boost aims to support those who may have missed out on previous stimulus payments. If you’re wondering whether you qualify or how to track your refund, here’s what you need to know.
Who Qualifies?
The IRS began processing these payments in December 2024 for taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax return. This credit was introduced as part of the Covid-19 relief efforts, ensuring that eligible individuals received their full Economic Impact Payments (EIP).
Unlike previous stimulus payments, recipients do not need to take any action. The IRS automatically identified eligible taxpayers and sent payments either through direct deposit or by mail, depending on the banking and address details from their most recent tax return.
Payment Being Issued
The Economic Impact Payments were distributed in three rounds during the pandemic to help individuals and families cope with financial hardships. However, some taxpayers unknowingly missed out on claiming their Recovery Rebate Credit on their 2021 return, meaning they never received their full stimulus amount. The IRS has now corrected this by issuing automatic payments, eliminating the need for amended returns.
How to Track Your Refund
If you believe you are eligible but haven’t received your $1,400 payment, the IRS provides tools to check your status. The best way to track your refund is by using the “Where’s My Refund?” tool on the IRS website. This tool updates daily and requires the following details:
- Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Marital status
- The exact refund amount from your tax return
When you enter this information, you will see one of three possible statuses:
- Return received: The IRS has received and is processing your return.
- Refund approved: Your refund has been approved, and a payment date has been set.
- Refund sent: The payment has been sent via direct deposit or mailed as a check. Direct deposits can take up to five days to appear in your bank account, while mailed checks may take several weeks.
IRS Account
For additional confirmation, you can log into your personal IRS account. Under the “Economic Impact Payment Information” section, you can see the total amounts received for the first, second, and third stimulus payments. If any amounts are missing, it may indicate eligibility for the Recovery Rebate Credit.
Haven’t Received your Payment
While the IRS has assured that payments are automatic, some taxpayers may still have questions. If your refund status is unclear or you suspect an issue, consider the following steps:
- Wait for the standard processing time. Direct deposits take up to five days, while mailed checks can take several weeks.
- Double-check your 2020 and 2021 tax returns to confirm whether you claimed the Recovery Rebate Credit.
- Use the IRS “Where’s My Refund?” tool for updates.
- Contact the IRS if the standard waiting period has passed and you have not received your payment.
With financial relief in high demand, this $1,400 payment is a much-needed boost for many taxpayers. By knowing the eligibility criteria and tracking your refund, you can ensure you receive the money you’re entitled to.
FAQs
Who is eligible for the $1,400 IRS payment?
Taxpayers who didn’t claim the Recovery Rebate Credit on their 2021 return.
Do I need to apply for the $1,400 refund?
No, the IRS is issuing payments automatically to eligible taxpayers.
How can I track my IRS refund?
Use the ‘Where’s My Refund?’ tool on the IRS website for updates.
When did the IRS start sending the $1,400 payments?
The automatic payment process began in December 2024.
How long does it take to receive the refund?
Direct deposits take up to 5 days, and mailed checks may take weeks.