It stems from unclaimed funds from the 2021 Recovery Rebate Credit.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The latest batch of tech earnings are keeping investors’ AI dreams alive on this Thursday. Meta easily beat forecasts thanks to the biggest quarterly revenue ever for the company. The parent of Facebook and Instagram showed no sign of backing down from its massive AI spending plans. Microsoft also topped forecasts but there was some concern about slower growth in its AI cloud business, which is struggling to keep up with demand. Meanwhile, Tesla missed sales and profit targets but maintained aggressive spending targets as well.
In other business headlines, the IRS has some good news for about 1 million taxpayers: you’re getting an extra check. The tax-collecting agency is disbursing extra tax savings that were available during the pandemic but weren’t rightfully claimed on 2021 tax filings.
The money was originally earmarked for those who made too much money to get one or more stimulus checks during the pandemic. The recovery rebate credit could work out to as much as $1400 per tax filer plus another $1400 for each dependent. There is a catch though – your adjusted gross income for that 2021 tax year still had to be below $160,000 for married couples filing jointly, $120,000 for head of households, and below $80,000 for single filers.
The good news is that if you are due the extra check – you won’t have to do anything to get it – the payment is automatic. The IRS is going to use the same method it used for your 2021 tax-year refund. So if you use direct deposit and that account is still active- then the money will just appear in your account, otherwise the IRS will just send a check. If you’ve moved since then and are worried the check will go to the wrong place – don’t worry – if there’s one thing the IRS knows how to do, it knows how to find you.
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