If you missed out on the $1,400 stimulus payment, there’s still hope. The IRS has identified a large group of taxpayers who could be eligible for this payment, which was part of the American Rescue Plan Act of 2021.
This payment can provide crucial financial relief, especially for those who missed out during the initial distribution. In this article, we’ll explain who qualifies for this stimulus, how to claim it, and what steps you need to take to ensure you get the help you’re entitled to.
What Is the $1,400 Stimulus Payment?
The $1,400 stimulus payment is part of the American Rescue Plan, which aimed to support people who were financially affected by the COVID-19 pandemic. While most people received this payment soon after the plan was enacted, many did not because of errors or missed claims on their 2021 tax returns. Now, the IRS is reviewing these returns to ensure those who missed out can still receive their payment.
Why Is the Payment Happening Now?
The IRS regularly reviews tax filings and identifies situations where taxpayers may have missed out on credits like the Recovery Rebate Credit. This payment is being issued now to ensure that those who qualify but didn’t receive it earlier can still benefit from it. The IRS is working to make sure no one who is eligible is left behind.
Who Is Eligible for the $1,400 Stimulus Payment?
To qualify for the $1,400 stimulus, the IRS uses your income, filing status, and residency to determine eligibility. Here are the income thresholds:
Single Filers: You must have an Adjusted Gross Income (AGI) of $75,000 or less to qualify for the full payment. The amount phases out between $75,001 and $80,000.
Married Filing Jointly: Your combined AGI should be $150,000 or less for the full payment. The payment phases out between $150,001 and $160,000.
Head of Household: If your AGI is $112,500 or less, you qualify for the full payment. The payment phases out between $112,501 and $120,000.
Other Requirements for Eligibility
2021 Tax Return: You must have filed a 2021 tax return to be eligible.
Residency: You need to be a U.S. citizen or resident alien.
Dependents: If you have qualifying dependents, you might receive additional amounts for them.
Examples of Eligibility
Example 1: A single filer earning $70,000 with no dependents qualifies for the full $1,400 payment.
Example 2: A married couple earning $155,000 jointly with one dependent would receive a reduced payment based on their income phase-out level.
How to Check If You’re Eligible for the $1,400 Stimulus Payment
If you’re unsure whether you qualify, here are some steps to help you check:
Review Your 2021 Tax Return: Look for the Recovery Rebate Credit section on your return. If it’s blank or shows $0, but your income and filing status meet the criteria, you’re likely eligible.
Log Into Your IRS Account: Visit the IRS website to check your tax transcript or payment history to verify whether the payment has already been issued.
Contact the IRS: If you still have questions, you can contact the IRS directly for clarification.
How to Claim Your $1,400 Stimulus Payment
If you qualify for the $1,400 stimulus payment, there are different scenarios depending on whether you filed a 2021 tax return or not:
For Those Who Filed a 2021 Tax Return: If you filed a 2021 tax return and qualified for the Recovery Rebate Credit, the IRS will automatically process your payment. You won’t need to take any additional action. The payment will be deposited directly into the bank account listed on your return or mailed to your address.
For Those Who Haven’t Filed a 2021 Tax Return: If you haven’t filed a 2021 tax return, you still have time to claim your payment. Follow these steps:
File Your 2021 Tax Return: Use reliable tax preparation software or consult a tax professional to ensure everything is accurate.
Include the Recovery Rebate Credit: When you file, make sure to claim the Recovery Rebate Credit based on your income and family size.
Submit Before the Deadline: You have until April 15, 2025, to file your return and claim the payment.
Pro Tip
If you’ve changed your bank account or mailing address since you filed your 2021 tax return, make sure to update your information with the IRS to avoid any delays in receiving your payment.
The $1,400 stimulus payment is still available for those who missed out in the past. By reviewing your 2021 tax return, checking your eligibility, and filing your return (if you haven’t already), you can secure the financial relief you’re entitled to. Be sure to take action before the April 15, 2025 deadline to ensure you don’t miss out on this valuable payment.
