The Internal Revenue Service (IRS) is distributing $2.4 billion in stimulus payments to eligible taxpayers who missed claiming the Recovery Rebate Credit on their 2021 tax returns. These payments will go out automatically this month and should arrive by late January 2025.
The IRS said most taxpayers eligible for the federal stimulus payments , formally known as Economic Impact Payments, have already received them. The money will be directly deposited into eligible people’s bank accounts or sent in the mail by a paper check. The checks come as 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.“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. So who exactly is eligible to get a payment, and how will you know if you are expected to receive one? Here's what to know.The IRS said 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. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyIRS plans to send separate letters to eligible taxpayers notifying them of the special payment.You still might be able to receive the mone
Stimulus Payments IRS Tax Refunds Recovery Rebate Credit COVID-19
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