The 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.
Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks. The money will be directly deposited into eligible people's bank accounts or sent in the mail by a paper check.The IRS said it's distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns.
The payments will go out automatically this month and should arrive by direct deposit or check by late January 2025. They'll be sent to the bank account listed on the taxpayer's 2023 return or to the address IRS has on file.Payments will vary but the maximum amount will be $1,400 per individual. The IRS has posted information online about eligibility and how the payment was calculated.IRS plans to send separate letters to eligible taxpayers notifying them of the special payment.
IRS Tax Payments Stimulus Payments Recovery Rebate Credit Economic Impact Payments
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