NEW IRS LETTER | $1400 CHECK | How to Claim Economic Impact Payment in 2023? | Stimulus Update
In March 2021, the United States government issued a third round of Economic Impact Payments (EIPs), commonly referred to as stimulus checks, to help individuals and families cope with the financial impacts of the COVID-19 pandemic. However, there are still some individuals who may not have received their $1400 check or who may have received an incorrect amount. In addition, some people may be eligible for a supplemental payment or a ”plus-up” payment based on changes in their income or family status since their 2020 tax return was filed. The Internal Revenue Service (IRS) has recently sent out letters to individuals who may be eligible for these payments and provided instructions on how to claim them. The IRS letter, which is titled ”Notice 1444-C” and is dated March 26, 2023, provides information about the EIP program and explains the eligibility requirements for receiving a payment. It also includes a personalized calculation of the amount of the payment that the recipient should have received based on their 2020 tax return, as well as any additional payments that they may be eligible for. The letter also provides instructions on how to claim these payments, including the forms that need to be filled out and submitted to the IRS. To claim an Economic Impact Payment in 2023, individuals must first determine whether they are eligible. Eligibility requirements include having a valid Social Security number, not being claimed as a dependent on someone else’s tax return, and having an adjusted gross income (AGI) below a certain threshold. The AGI threshold varies based on filing status; for example, for single taxpayers, the threshold is $75,000, while for married taxpayers filing jointly, the threshold is $150,000.
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