Approximately one million taxpayers will soon receive special payments of up to $1,400 from the Internal Revenue Service (IRS) in the coming weeks. The payments are part of a Recovery Rebate Credit adjustment aimed at those who missed out on full or partial COVID-19 stimulus payments.
The payments are targeted at taxpayers who filed a 2021 tax return but either left the Recovery Rebate Credit field blank or incorrectly entered $0 despite being eligible. The IRS discovered the oversight through internal data reviews.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” said IRS Commissioner Danny Werfel.
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Payment Details
- Amount: Payments will vary based on individual eligibility, with a maximum payment of $1,400 per person.
- Timing: Eligible taxpayers can expect to receive their payments by late January 2025.
- Delivery Method: Payments will be directly deposited into the bank account listed on the taxpayer’s 2023 tax return or sent as a check to the address on file.
Eligible individuals do not need to take any additional steps to receive the payment. The IRS will automatically issue the funds and send letters notifying taxpayers of their eligibility and payment details.
The payments are part of an estimated $2.4 billion adjustment, addressing taxpayers who were eligible for the Recovery Rebate Credit but failed to claim it during the 2021 tax season.
While most taxpayers have already received their COVID-19 stimulus checks, formally known as Economic Impact Payments (EIP), this initiative ensures that overlooked cases are addressed.
For questions about eligibility or payment calculations, taxpayers are encouraged to visit the IRS website for more details.
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