Update on Stimulus Check: Since January 24, the IRS Has Distributed Billions in Stimulus Checks. Viral News

Since January 24, the IRS Has Distributed Billions in Stimulus Checks

The IRS published a press statement on Feb. 14, 2022, announcing the creation of a “special new page” with filing alerts for the 2021 tax season. The previous tax year’s filing season began on Jan. 24, 2022, and tax returns are due by April 18.

The new IRS page devotes a significant portion of its attention to unclaimed stimulus funds. The IRS has a whole webpage dedicated to explaining how to claim the Recovery Rebate Credit. The $1,400 stimulus cheques made available to qualifying persons and dependents under the American Rescue Plan Act are known as this.

It also includes data on payments made under the enhanced Kid Tax Credit, which was also allowed by the same Act and provides up to $3,600 per child.

In a press release announcing the unique page, the IRS also stated that it has already issued billions of dollars in refunds in the two weeks since the year’s tax filing season began. Despite the agency’s lack of specifics, it’s extremely likely that part of the money given out contained unpaid stimulus cash for those who didn’t receive the full amount due last year.

Are You Eligible for a Cut From the Irs, Which Has Already Mailed Out Billions?

Since Jan. 24, the IRS has issued a total of 4 million tax refunds, according to the IRS. This most certainly included returns that were transferred straight into taxpayer bank accounts, as this is the quickest way to receive a tax refund. In fact, most persons who e-file returns and seek direct deposit will get their money within 21 days, but postal returns or those requiring paper checks for a refund may take six weeks or longer to process.

Update on Stimulus Check: Since January 24, the IRS Has Distributed Billions in Stimulus Checks. Viral News

And, because the stimulus payments can be worth thousands of dollars, those who did not receive the money throughout the year will likely receive much larger refunds than usual.

The expanded Child Tax Credit and the Recovery Rebate Credit may entitle taxpayers to a large refund, including:

1. Those who had not filed a recent tax return, because the IRS may not have had their information on hand to distribute payments throughout the year.

2. Those who saw a significant drop in their income but had previously exceeded the income thresholds for the stimulus check or the Child Tax Credit.

3. Anyone who added a dependent in 2021, because the IRS would not have known about the new dependent and would not have sent the stimulus check or Child Tax Credit.

This group could include many of the 4 million taxpayers who have already filed returns and received refunds. Millions more taxpayers who file returns to the coming weeks will almost certainly be eligible. If you believe you are one of them, you should complete and send your forms as soon as possible so that you can be included in the IRS’s next round of refunds.

Also check: Update on Stimulus Check: Since January 24, the IRS Has Distributed Billions in Stimulus Checks. Viral News

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