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Nearly a million taxpayers could soon get rebate checks of up to $1,400 and for many the announcement comes just in time for the holidays as shoppers are feeling anxious after the extra spending Fox’s Chad Pergram
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Nearly a million taxpayers could soon get rebate checks of up to $1,400 and for many the announcement comes just in time for the holidays as shoppers are feeling anxious after the extra spending Fox’s Chad Pergram .
has the latest on Capitol Hill Christmas news I give you my heart for the holidays Shoppers are flocking to stores for last-minute gifts Many have noticed their wallets emptying faster than last year,
prices are higher yes a lot higher you can see you noticed I noticed many prices are 22% higher overall than they were four years ago and it’s really hard for people’s financial situation to adjust to that kind of shock But some relief is coming for nearly a million taxpayers as the IRS is announcing a plan to pay special payments totaling $2.4 billion to about 1 million taxpayers but the plan includes limits on payments to people who didn’t claim federal stimulus checks on their tax returns for 2021.
You’re still eligible right now in a recent interview.
Treasury Secretary Janet Yellen explained the rationale for the economic relief that began during the peak of the pandemic, as we saw cars lined up in parking lots at food banks.
Uh, people were really hurting, despite the high prices and inflation. Yellen maintained that the economy was slowing. She credited the ongoing relief efforts.
Including the Recovery Rebate Credit.
Today, we have taken very quick action to help taxpayers alleviate the suffering caused by the pandemic and support the economy, and as a result, we have enjoyed the fastest and strongest recovery of any developed nation.
How much money taxpayers get depends on a variety of factors, but the maximum payment is $1,400. Fox News Taxpayers do not need to take any action to receive the rebate per person under the Capitol Hill CHAD program.
The IRS will send payments later this month, and the payments will arrive in taxpayers’ bank accounts or at their addresses by the end of January.
Start checking your mailbox to see if you are getting the credit. The IRS is sending letters to payment recipients and if you haven’t filed your 2021 tax return yet, the IRS says you may still be eligible for a refund if you file by April 15.
Who Is Eligible?
To qualify for the $1,400 payments, taxpayers must meet specific criteria:
- Individuals who did not receive the full amount of Economic Impact Payments (EIPs) in 2021.
- Single taxpayers with an adjusted gross income (AGI) of less than $80,000.
- Married couples filing jointly with a combined AGI of less than $160,000.
- Heads of household with an AGI of less than $112,500.
If you were claimed as a dependent in 2021, you will not qualify for this payment.
Frequently Asked Questions?
What should I do if I don’t receive my payment?
If you don’t receive your payment by the end of January, check your IRS account online or contact the IRS for assistance.
Can I still claim the Recovery Rebate Credit on my tax return?
Yes! If you qualify, you can still claim the Recovery Rebate Credit on your tax return.
Where can I find more information about the IRS payments?
You can keep up with the latest news and updates by visiting the USA Breaking Newes .
Conclusion :
In conclusion, if you’re among the nearly one million taxpayers who may qualify, keep an eye out for your payment and ensure your tax filings are up to date. This relief could help ease the financial strain many are experiencing during this challenging time.
