Chicago taxpayers could be eligible for as much as $1400 in unclaimed COVID-19 relief funds, courtesy of a stimulus package being rolled out by the IRS next year.
The IRS announced Friday that it will disperse $2.4 billion to nearly 1 million eligible taxpayers who failed to accept a Recovery Rebate Credit on their 2021 tax return.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” said the IRS in a statement.
Here’s how to know if you’re eligible and when you can expect the money to come through!
Who’s eligible for the stimulus?
Anyone who filed a tax return in 2021 and did not fill the data field for the Recovery Rebate Credit, either by leaving the box blank or filling it out with $0.
While most taxpayers in 2021 did claim the stimulus, many may still qualify.
Chicago taxpayers who didn’t file a 2021 tax return may still be eligible if they file and claim the Recovery Rebate Credit by April 15, 2025.
Taxpayers can still file even if their 2021 earnings were low or nonexistent, according to the IRS.
How much will eligible taxpayers receive?
Payments will vary but taxpayers could earn up to $1,400, according to the IRS.
When will the IRS issue the funds?
The funds are already being dispersed, with most eligible taxpayers receiving theirs by late January.
Do I have to sign up to receive the money?
Nope! Eligible taxpayers do not need to take any further action to claim the stimulus.
The IRS will automatically deposit the Recovery Rebate Credit funds into the bank account used to file one’s 2021 returns, or mailed in check-form to one’s recorded address.