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Will Guam and CNMI Residents Receive the $1,400 IRS Stimulus Checks?
The IRS is set to distribute $2.4 billion in "special payments" to 1 million individuals across the United States, ensuring that those who missed out on federal stimulus payments during the pandemic finally receive their money. With up to $1,400 per person available, residents of Guam and the Commonwealth of the Northern Mariana Islands (CNMI) are eager to know if they will benefit from this effort.
How These Payments Work
These payments are tied to the "recovery rebate credit," introduced during the pandemic to compensate those who did not receive the full stimulus payments they were entitled to. Although three rounds of stimulus checks were issued in 2020 and 2021, gaps in distribution left some eligible recipients without their money. By reviewing tax return data, the IRS has identified individuals who qualify for this credit but did not claim it.
The IRS emphasized that these payments will be issued automatically. IRS Commissioner Danny Werfel stated, "To minimize headaches and get this money to eligible taxpayers, we're making these payments automatic."
What This Means for Guam and CNMI Residents
Guam and CNMI operate under a unique "mirror tax system," where federal stimulus funds are distributed locally by their respective tax agencies. During the pandemic, this system faced delays and administrative challenges, leaving some eligible residents without payments.
If you’re a resident of Guam or CNMI and believe you missed out on stimulus payments:
Eligibility: Ensure you filed your 2020 or 2021 tax returns. Missing payments might qualify for this automatic issuance.
Coordination: Contact your local tax agency to verify your tax information was shared with the IRS.
IRS Notifications: Expect a letter from the IRS detailing your eligibility and payment information.
Payment Timeline
The IRS stated that payments would be issued starting in December 2024, with most recipients receiving their funds by late January 2025. Payments will be deposited directly into bank accounts or sent via paper checks.
Next Steps
While the automatic process is designed for simplicity, residents of Guam and CNMI should monitor developments closely. Checking eligibility and ensuring your tax filings are up-to-date will help streamline receipt of these overdue funds.