The IRS could invest ,400 in your stocks this year

The IRS could invest $1,400 in your stocks this year

Everyone’s favorite holiday gift giver, the Internal Revenue Service, has announced it will distribute more than $2 billion in checks to Americans this month to ensure everyone receives their stimulus payments starting in 2021.

The Internal Revenue Service announced that an internal review found that many Americans never received their economic impact payments, which were supposed to expire after 2021 tax returns were filed. That’s why the agency is paying Americans who never received their checks the money they still owe.

Although most eligible Americans have received their stimulus payments, the checks will be sent to those who qualified but filed a 2021 tax return that left space for a refund credit blank.

These individuals are eligible for up to $1,400 from the federal government. Payments should be received by the end of January 2025 at the latest.

“These payments are an example of our commitment to going the extra mile for taxpayers. When we looked at our internal data, we found that 1 million taxpayers missed claiming this complex credit even though they were actually eligible,” said IRS Commissioner Danny Werfel. “To minimize hassle and make this money available to eligible taxpayers, we are making these payments automatically so that these individuals do not have to go through the extensive process of filing an amended tax return to receive them.”

$1,400 stimulus payments have been sent to Americans as part of a $1.9 trillion COVID-19 relief bill. Millions of Americans were eligible for the payments.

To receive a check, Americans had to earn less than $75,000 a year or less than $150,000 as a household.

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