IRS Said On Friday it is sending a total of $2.4 billion in “special payments” to 1 million people, part of an effort to ensure that Americans who did not receive all of their federal stimulus checks during the pandemic will get the money in their bank accounts. .
The payments will vary by individual, with a maximum of $1,400 per recipient, the agency said in a statement.
“To reduce headaches and get this money to eligible taxpayers, we are making these payments automatic, meaning these people will have to file amended returns to receive them,” IRS Commissioner Danny Werfel said in a statement. There will be no need to go through the extensive process of statement.
Who will get payment from the IRS?
The tax agency said it was distributing the funds after reviewing internal data that showed many people had filed tax returns but were still eligible for what is known as the “Recovery Rebate Credit” in 2021. Not claimed.
That credit was designed for people who did not receive all or some of the stimulus checks issued during the pandemic. Lawmakers authorized three stimulus payments, two of which were sent in 2020 and the third in 2021.
Most taxpayers who were eligible for stimulus payments have already received them, either directly or later through the Recovery Rebate Credit.
Do you need to apply for an IRS payment?
No, the IRS said it is automatically sending payments to about 1 million people who filed tax returns and who qualified for the Recovery Rebate Credit, yet did not claim it. The agency will send a letter to recipients letting them know they will receive a payment.
When will the IRS send payments?
The tax agency said checks will be sent in December, with most payments arriving by the end of January 2025.
The money will either be automatically deposited directly into the recipient's bank account or arrive in the mail via paper check.