Posted on 12/23/2024 7:15:13 AM PST by Red Badger
What's New The Internal Revenue Service (IRS) will send out a total of $2.4 billion in "special payments" to 1 million people who did not claim federal stimulus checks on their tax returns for 2021, the agency announced on Friday.
The IRS will issue automatic payments later this month to anyone who did not claim the 2021 Recovery Rebate Credit, the agency said—a refundable credit for individuals who did not receive one or more stimulus payments, officially known as Economic Impact Payments (EIP).
Why It Matters Despite the resilience of the U.S. economy in the years following the pandemic, Americans are still struggling with higher prices—including that of food and housing.
The economy was consistently named as voters' top issues in polls conducted ahead of the November election, despite the fact that inflation had since cooled down significantly compared to the 9.1 percent peak of June 2022, and the U.S. maintained a strong job market and relatively good growth.
Preelection surveys, as well as Donald Trump's victory on November 5, were a sign that voters blamed the current administration for the rise of inflation after the pandemic, and for their financial struggles.
As inflation creeps up once again, having risen for two consecutive months in October and November, anything that can offer some respite to American consumers, such as the IRS "special payments," is welcome to taxpayers.
(Excerpt) Read more at newsweek.com ...
That $2.4 billion is going to cost $12 billion, after the interest is paid for.
And the $2.4 billion doesn’t even exist yet, as there has not been enough revenue generated for this year to honestly claim the funds are available.
A billion here, a billion there, pretty soon you are talking about some really big money.
I didn’t get a COVID stimulus check because supposedly I earned too much money in 2020. Betcha I’m not one of those people with a check in the mail.
Where we gonna get the money from to pay for it? Borrow it from Ukraine?
Just print it up. That’ll help fight inflation, you bet.
(/s)
These are people who did not collect on the stimulus. The money is already added to the debt.
They cheated us. We didnt bother to do anything
Maybe xmas present
It costs between 5.3 and 15.5 cents to print a Federal Deserve note. So money is not very expensive to produce.
That will add to inflation, making Trump’s job harder. And that was the intention.
Let’s have more inflation. I am glad I bought gold recently.
Was that "adjustment" worth it? Yes. Preserved virtually all of the value in my accounts because of the shift. I don't regret that at all.
IIRC, I had to pay in....................
\/
let me share californias filthy bait and switch with this
in ca., if you are on ssa, and have not enough income to owe tax, you dont receive a w2 or 1099
and without that ...ca. wont let you file state tax return online and the post office doesnt provide the 1040 ‘s either, and without that many , like i, saw no gavin promised California Golden stimulus check.
none
twice.
pretty weasel slick eh ?
i dont expect to be included this time either. .
california used the unemployment office to distribute some stimulus checks
bunch of homeless druggies in town all of a sudden were driving new cars or motorcycles.
some bragged about 10,000 checks
all it took was to claim you couldnt work , whatever occupation skills you wanted to ‘ claim , for a huge check
blatant opportunity for massive fraud
( on purpose of ca. grifter pols imho )
scratch a prog/commie/dem/rino and you will find a grifter and thief.
Ny wife and I are still waiting for our student loan forgiveness checks from the 80’s
Pretty sure only Democrats will qualify . . .
Unfortunately.
You could have still included the $1400 stimulus on your 2021 return if your 2021 income was below the income limit.
File a 2021 amendment if you did not claim the $1400 stimulus check and your 2021 income was in the income range. Deadline to file the 2021 amendment to get a refund is April 15, 2025.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.