The IRS will issue automatic payments of up to $1,400 to 1 million taxpayers who missed claiming the 2021 Recovery Rebate Credit. The payments, totaling an estimated $2.4 billion, will be sent out starting in December and are expected to arrive by late January. Eligible taxpayers will receive the money by direct deposit or paper check.
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.
"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.
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. 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 agency.
Stimulus Payments COVID-19 Relief IRS Taxpayer Recovery Rebate Credit
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
1 Million Taxpayers to Receive Up to $1,400 in Automatic PaymentsThe IRS will automatically issue special payments of up to $1,400 to approximately 1 million taxpayers who missed claiming the Recovery Rebate Credit on their 2021 tax returns. The payments, totaling $2.4 billion, will be deposited directly into bank accounts or mailed as paper checks by late January 2025.
Read more »
1 Million Taxpayers to Receive Automatic Covid Relief PaymentsThe IRS will issue automatic payments of up to $1,400 to 1 million taxpayers who missed out on claiming the 2021 Recovery Rebate Credit.
Read more »
A million taxpayers will soon receive up to $1,400 from the IRSApproximately 1 million taxpayers will automatically receive special payments.
Read more »
A million taxpayers will soon receive up to $1,400 from the IRSPeople who missed one of the COVID stimulus payments or had received less than the full amount were able to claim the credit.
Read more »
A million taxpayers will soon receive up to $1,400 from the IRSPeople who missed one of the COVID stimulus payments or had received less than the full amount were able to claim the credit.
Read more »
1 Million Taxpayers to Receive Up to $1,400 in Unexpected IRS PaymentsThe IRS will automatically send special payments of up to $1,400 to approximately 1 million taxpayers who missed out on claiming the Recovery Rebate Credit on their 2021 tax returns.
Read more »