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The tax agency said it's disbursing the funds after reviewing internal data that showed many people had filed tax returns but yet didn't claim what is known as the "recovery rebate credit" in 2021.
For 2021 tax returns, the recovery rebate credit amount was $1,400 ($2,800 for married taxpayers filing jointly), plus an additional $1,400 for each qualifying dependent.
Those who did not file a 2021 tax return could still be eligible to receive the stimulus check if they file their 2021 return and claim the Recovery Rebate Credit by April 15, 2025, the IRS said.
As many as 1 million taxpayers will receive a "special" year-end gift from the IRS as the agency deposits pandemic-era stimulus checks worth a total of $2.4 billion directly in their bank accounts.
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009.
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]
The payment amounts are different than in 2020, as the maximum credit is $1,400 per person including all qualifying dependents claimed on a tax return, as this was the amount of the payment in 2021.
Economic stimulus payment or economic impact payment may refer to several tax rebates, tax credits, tax deductions and grants from the federal government of the United States: Tax rebates as part of the Economic Growth and Tax Relief Reconciliation Act of 2001; Tax rebates as part of the Economic Stimulus Act of 2008