The Internal Revenue Service (IRS) will automatically send $2.4 billion in stimulus payments to over 1 million eligible taxpayers who missed claiming the 2021 Recovery Rebate Credit.
A total of 1 million taxpayers will receive an estimated $2.4 billion in payments. The money will go to individuals who still haven't been paid the Covid-19 relief funds — more popularly known as stimulus checks — they were due.
The IRS plans to issue automatic 'special payments' of up to $1,400 to 1 million taxpayers starting later this month, the payments will go to individuals who did not claim the 2021 Recovery Rebate Credit on their tax returns for that year and who are eligible for the money.The maximum payment will be $1,400 per individual and will vary based on circumstances, according to the IRS. The agency will make an estimated total of about $2.4 billion in payments. 'Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,' IRS Commissioner Danny Werfel said in a statement.'To minimize headaches and get this money to eligible taxpayers, we're making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.' The new payments are slated to be sent out automatically in December. In most cases, the money should arrive by late January, according to the IRS. Eligible taxpayers can expect to receive the money either by direct deposit or a paper check in the mail. They will also receive a separate letter notifying them about the payment. Direct deposit payments will go to taxpayers who have current bank account information on file with the IRS. If eligible individuals have closed their bank accounts since their 2023 tax returns, payments will be reissued by the IRS through paper checks to the mailing addresses on record. Those taxpayers do not need to take action, according to the agenc
Stimulus Payments IRS Tax Refunds Covid-19 Relief Automatic Payments
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