The Internal Revenue Service (IRS) is sending out a total of $2.4 billion to taxpayers who missed out on some or all of the COVID-19 Economic Impact Payments. This payment is a result of the Recovery Rebate Credit, which was available on 2021 tax returns.
The IRS is distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns after missing one of the COVID stimulus payments or receiving less than the full amount. 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.
People who missed one of the COVID stimulus payments or had received less than the full amount were able to claim the credit. But the IRS on Friday said it discovered many eligible taxpayers hadn't done so.“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.Most taxpayers eligible for the federal stimulus payments, formally known as Economic Impact Payments, have already received them. The special payments announced by the IRS are being sent to those taxpayers who filed a 2021 tax return but left the data field for the Recovery Rebate Credit blank or they filled it out as $0 when they were actually eligible for the credit.Eligible taxpayers don't have to take any action. 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.What if I haven't filed my 2021 tax return yet? You still might be able to receive the mone
FINANCE TAXES FINANCE IRS COVID STIMULUS RECOVERY REBATE CREDIT
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