The Internal Revenue Service (IRS) is sending letters to millions of Americans who may still be eligible for stimulus checks as part of the government's efforts to provide financial relief during the ongoing COVID-19 pandemic. The letters, officially known as Economic Impact Payment Information or EIP letters, are intended to inform recipients that they may be eligible to receive a stimulus payment, and provide instructions on how to claim it.
The stimulus payments, officially known as Economic Impact Payments (EIPs), were first authorized by the CARES Act, passed by Congress in March 2020. The law provided for payments of up to $1,200 for individuals, $2,400 for married couples, and $500 for each qualifying child. The payments were intended to provide financial relief to individuals and families affected by the economic downturn caused by the pandemic.
The first round of stimulus payments was distributed to eligible individuals and families beginning in April 2020, but not all eligible individuals received payments. In some cases, this was due to issues with the IRS's processing of the payments, such as incorrect mailing addresses or bank account information. In other cases, individuals may have been eligible but did not file a tax return or did not provide their banking information to the IRS.
The IRS has now started sending EIP letters to inform individuals who may still be eligible for a stimulus payment. The letters provide information on the payment, including the amount that the individual may be eligible to receive and the date by which the payment must be claimed. The letters also provide instructions on how to claim the payment, including by providing banking information to the IRS or by filing a tax return.
The IRS has also set up a website, Get My Payment, where individuals can check the status of their stimulus payment, provide their banking information, or enter their mailing address if it has changed since their last tax filing. The site also has information for non-filers, which includes those who don't normally file taxes, those who are not required to file taxes, or people who don't have Social Security numbers. The site also includes information for those who may have received less than the full amount for which they were eligible, or didn't receive a payment at all due to certain situations.
It's worth mentioning that the second round of EIPs, authorized by the Consolidated Appropriations Act, 2021, was passed by congress in December 2020, included $600 payments for individuals and $1,200 for married couples and an additional $600 for each qualifying child. The IRS has begun distributing these payments as well, so if you're still eligible and haven't received your second payment you can follow the same steps mentioned above.
It's important to note that the deadline to claim the stimulus payment is December 31, 2021, after that date any unclaimed payment will be returned to the Treasury. The IRS is urging individuals who may be eligible for a stimulus payment to act quickly and claim it before the deadline.
In summary, the IRS is sending letters to millions of Americans who may still be eligible for stimulus checks as part of the government's efforts to provide financial relief during the ongoing COVID-19 pandemic. The letters provide information on the payment, including the amount that the individual may be eligible to receive and the date by which the payment must be claimed. The letters also provide instructions on how to claim the payment, including by providing banking information to the IRS or by filing a tax return. The deadline to claim the stimulus payment is December 31, 2021, so if you believe you are eligible, be sure to act quickly and claim it before that date.
Another important thing to note is that some individuals may not have received the full amount of the stimulus payment for which they were eligible. This can happen for a number of reasons, such as if the individual's income was too high to qualify for the full payment, or if they have dependents who are over the age of 17 and therefore not eligible for the $500 additional payment.
If you believe you may have been eligible for more than the amount you received, you can claim the difference by filing a 2020 tax return, even if you do not normally file taxes. It's important to note that the deadline to file a 2020 tax return is April 15, 2021. By filing a return, you will also be able to claim any other tax credits or deductions for which you may be eligible.
In addition to the EIP letters, the IRS is also sending letters to individuals who may be eligible for the Recovery Rebate Credit. This credit is intended to help individuals who did not receive the full amount of the stimulus payment, or did not receive a payment at all. The credit can be claimed on the 2020 tax return and is equal to the amount of the stimulus payment for which the individual was eligible, minus any payment they may have already received.
It's worth mentioning that some people will not be able to claim their payment online and will have to mail in the required information, or even file a tax return. These groups include those who are homeless, those who don’t have a permanent address, certain non-filers or those who receive Supplemental Security Income.
In conclusion, the IRS is taking steps to ensure that all eligible individuals receive the stimulus payments to which they are entitled. If you have not yet received your stimulus payment, or believe you may have been eligible for more than the amount you received, it is important to take action before the deadline. You can check the status of your payment on the Get My Payment website, and claim any additional payments by filing a 2020 tax return. The IRS encourages all individuals who may be eligible to take advantage of these resources and claim their stimulus payment before the deadline.
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