IRS to send out one million surprise tax refunds

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why one million Americans are getting an unexpected tax refund.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05The latest batch of tech earnings are keeping investors' AI dreams alive on this Thursday.

00:11Meta easily beat forecast thanks to the biggest quarterly revenue ever for the company.

00:16The parent of Facebook and Instagram showed no signs of backing down from its massive

00:21AI spending plans.

00:23Microsoft also topped forecast, but there was some concern about slower growth in its

00:28AI cloud business, which is struggling to keep up with demand.

00:32Meanwhile, Tesla missed sales and profit targets, but maintained aggressive spending plans as

00:39well.

00:41In other business headlines, the IRS has some good news for about one million taxpayers.

00:46You're getting an extra check.

00:48The tax collecting agency is dispersing extra tax savings that were available during the

00:52pandemic but weren't rightfully claimed on 2021 tax filings.

00:58The money was originally earmarked for those who made too much money to get one or more

01:02stimulus checks during the pandemic.

01:04The recovery rebate credit could work out to as much as $1,400 per tax filer, plus another

01:10$1,400 for each dependent.

01:13There is a catch, though.

01:15Your adjusted gross income for that 2021 tax year still had to be below $160,000 for

01:22married couples filing jointly, $120,000 for head of households, and below $80,000

01:29for single filers.

01:30The good news is, if you are due the extra check, you won't have to do anything to

01:35get it.

01:36The payment is automatic.

01:37The IRS is going to use the same method it used for your 2021 tax year refund.

01:42So, if you used direct deposit and that account is still active, then the money will just

01:46appear in your account.

01:48Otherwise, the IRS will just send a check.

01:51If you've moved since then and you are worried the check will go to the wrong place, don't

01:55worry.

01:56If there's one thing the IRS knows how to do, it knows how to find you.

02:01That'll do it for your daily briefing from the New York Stock Exchange.

02:04I'm Conway Gittens with The Street.

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