The $1,400 stimulus payment, part of the American Rescue Plan Act of 2021, can provide much-needed financial relief for those who were missed during the initial round of payments. Many taxpayers may not have received the payment due to errors or missed claims on their 2021 tax returns. Fortunately, the IRS is reviewing tax returns and issuing payments to ensure that everyone who qualifies gets their financial assistance. This article explains who qualifies for the payment, how to check your eligibility, and how to claim it.
What Is the $1,400 Stimulus Payment?
The $1,400 stimulus payment is part of the American Rescue Plan, which aimed to support individuals and families impacted by the COVID-19 pandemic. While most people received this payment soon after the plan was enacted, many missed out due to errors or missed claims on their 2021 tax returns. The IRS is now reviewing these returns to ensure those who missed the payment can still receive it.
Why Is the Payment Happening Now?
The IRS frequently reviews tax filings to identify situations where taxpayers may have missed out on credits, such as the Recovery Rebate Credit. This $1,400 payment is being issued now to help those who qualify but didn’t receive their payment earlier. The IRS is working to ensure no eligible person is left behind.
Who Is Eligible for the $1,400 Stimulus Payment?
Eligibility for the $1,400 stimulus is based on your income, filing status, and residency. Here are the key income thresholds:
Single Filers: If your Adjusted Gross Income (AGI) is $75,000 or less, you qualify for the full payment. The amount starts to phase out between $75,001 and $80,000.
Married Filing Jointly: For a combined AGI of $150,000 or less, you qualify for the full payment. The payment phases out between $150,001 and $160,000.
Head of Household: With an AGI of $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.
Residency: You need to be a U.S. citizen or resident alien.
Dependents: If you have qualifying dependents, you may receive additional amounts.
Examples of Eligibility
Example 1: A single filer with an income of $70,000 and no dependents qualifies for the full $1,400 payment.
Example 2: A married couple with a combined income of $155,000 and 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, follow these steps:
Review Your 2021 Tax Return: Check the Recovery Rebate Credit section. If it’s blank or shows $0 but your income and filing status meet the criteria, you may be eligible.
Log Into Your IRS Account: Visit the IRS website to check your payment history or tax transcript and see if the payment was issued.
Contact the IRS: If you have further questions, reach out to the IRS for clarification.
How to Claim Your $1,400 Stimulus Payment
The process for claiming the $1,400 stimulus depends on whether or not you’ve filed your 2021 tax return.
For Those Who Filed a 2021 Tax Return:
If you filed a 2021 tax return and were eligible for the Recovery Rebate Credit, the IRS will automatically process your payment. You don’t need to take any additional action, and the payment will be deposited directly into your bank account 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 software or consult a tax professional to ensure everything is accurate.
Include the Recovery Rebate Credit: When filing, make sure to claim the credit based on your income and family size.
Submit Before the Deadline: You must file by April 15, 2025, to claim the payment.
Pro Tip:
If your bank account or mailing address has changed since you filed your 2021 tax return, update your information with the IRS to avoid delays in receiving your payment.
The $1,400 Stimulus Payment is Still Available
If you missed out on the $1,400 payment earlier, you can still receive it by reviewing your 2021 tax return, confirming your eligibility, and filing your return if necessary. Don’t forget to act before the April 15, 2025 deadline to ensure you get the relief you’re entitled to.
