By Anita Hamilton

The Internal Revenue Service is finally getting around to paying out the last stimulus money to those who are eligible but never got it.

It's sending out $2.4 billion to about one million people who fall into that category. That is the estimated number of people who were eligible for the payment but failed to indicate it on their 2021 tax return. The maximum payment per person is $1,400, but some people will get larger checks if they have dependent children who also qualify.

Taxpayers should get the funds by the end of January. The money will either go straight into your bank account or you'll get a paper check. You don't have to do anything to get the money.

To get the payment, known as the 2021 Recovery Rebate Credit, you have to meet two key requirements: First, there are income caps. If you made over a certain amount in 2021, you don't get the money. Second, the IRS will subtract whatever money you got from the third stimulus payment from the spring of 2021.

You won't get any money if your 2021 adjusted gross income was above $80,000 for single filers, $120,000 for heads of household, and $160,000 if married and filing jointly. You're also ineligible if you never filed a 2021 tax return, you can be claimed as a dependent on someone else's return, or you are a nonresident alien.

Even if you got the third stimulus check back in 2021, you could get another check if your income fell enough in 2021 to make you eligible for more or you had a baby or adopted a child. If you could no longer be claimed as someone else's dependent in 2021 and meet the other requirements, that makes you eligible, too.

A total of $814 billion in stimulus checks went out in three rounds during the pandemic in March 2020, December 2020, and March 2021. If you're not sure how much you got -- or if you got anything at all -- you can log into your online account with the IRS to check. From your account home page, select "View Tax Records" then scroll down to "Economic Impact Payment Information" to see.

Write to Anita Hamilton at anita.hamilton@barrons.com

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January 13, 2025 14:07 ET (19:07 GMT)

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