The American Rescue Plan, passed into law by President Joe Biden in March 2021, gave most Americans $1,400. The funds were designed to help individuals cope with the pandemic. Almost everyone was eligible. Earlier last month, the IRS released tax information. Also, families of those who died in 2021 but did not receive the full Economic Impact Payment last year can still collect the money. That person has to be eligible for the payout in the first place.
Some IRS Exceptions
According to Fox Baltimore News, IRS said that someone who died in 2021 or 2022 and did not receive the full amount of the third Economic Impact Payment may be entitled to a recovery rebate credit under the 2021 Recovery Rebate Credit if the individual completed the eligibility requirements while still alive.
It also stated that a person who passes away before January 1, 2021, is not eligible for the 2021 Recovery Rebate Credit, which will be available this year.
As per the report, if they are married, there may be additional issues to deal with. If their spouse passed away before 2021 and they earned the Recovery Rebate Credit, you will be required to repay the amount they have received.
Single taxpayers with annual incomes of less than $75,000 are eligible for the entire amount. Married couples who filed jointly and earned less than $150,000 were also eligible for the full payment of the tax.
When to receive a $1,400 stimulus payment?
Millions of Americans are delighted because their bank accounts have been boosted, due to the Internal Revenue Service, which has distributed 127 million stimulus payments and began arriving in bank accounts on March 17.
However, if it hasn’t arrived yet, don’t be concerned just yet. The Internal Revenue Service will continue to send additional rounds in the coming weeks.
According to Forbes, the eligibility standards have changed since the previous two rounds of payouts, so pay close attention to the new figures to ensure that they are genuinely eligible this time around.
The IRS released an announcement indicating that the Get My Payment tool would be updated to reflect this change on the weekend of April 3-4 for individuals who anticipate getting their payments by April 7.