In a pleasant turn of events, around 1 million taxpayers in the U.S. will be receiving a surprise tax refund soon. The IRS is set to issue these refunds, which are related to missed stimulus checks from the pandemic era. Here’s everything you need to know about this unexpected windfall.
Table of Contents
What Is the Extra Tax Refund?
The IRS is sending out additional tax savings that were available during the pandemic but were not properly claimed in 2021 tax filings. These refunds are part of the recovery rebate credit, which was meant for individuals who made too much money to qualify for one or more stimulus checks during the pandemic but who may still be eligible for relief.
Track Your IRS Tax Refund Like a Pro: Get Your Cash Faster!
IRS Announces New Tax Brackets and Deductions for 2025: Changes That Could Save You Money
IRS 2025 Tax Filing Season: Key Dates and Deadlines You Can’t Afford to Miss
How Much Money Could You Receive?
The refund can amount to up to $1400 per tax filer, plus another $1400 for each dependent. This means that families with multiple dependents could receive a significant amount back. The only eligibility requirement is that your adjusted gross income (AGI) for the 2021 tax year must meet certain income thresholds:
- Married couples filing jointly: AGI must be below $160,000
- Head of household: AGI must be below $120,000
- Single filers: AGI must be below $80,000
If you meet these conditions and didn’t claim the full rebate in 2021, you’re likely due to receive the additional amount automatically.
How the IRS Can Boost Your Retirement Savings by $1,000 or more: Get Paid to Save
Franklin County Sales Tax to Rise in 2025: What It Means for Residents and Transit Improvements
2025 Tax Refund Guide: How to Estimate Your Refund Date and Stay Ahead This Tax Season
Do You Need to Do Anything?
The best part of this news is that no action is required on your part to receive the extra check. The IRS will automatically calculate and disburse the payment using the same method it used for your 2021 tax refund.
- Direct deposit: If you used direct deposit and your account is still active, the money will be deposited into your bank account.
- Paper check: If you didn’t opt for direct deposit, the IRS will mail you a check.
What if You Moved Since 2021?
Concerned about receiving a check at the wrong address? Don’t worry—if you’ve moved, the IRS has systems in place to ensure it reaches you. The IRS is known for successfully tracking down individuals who may have changed addresses since their last filing.
Why Is This Happening Now?
Many people who were eligible for the recovery rebate credit missed out on it when they filed their 2021 tax returns, primarily due to income limits or confusion around eligibility. The IRS is now correcting these missed claims and ensuring that people get the relief they were entitled to during the pandemic.
How This Affects You
This unexpected bonus comes as a welcome relief for millions who are still recovering from the economic impacts of the pandemic. If you’re among those eligible for the recovery rebate credit, the IRS is doing the legwork to get this money back into your hands. So keep an eye on your bank account or mailbox – an extra check might just be on its way!
Leave a Reply