About a million Americans are expected to receive their piece of an imminent $2.4 billion payout from the Internal Revenue Service (IRS).
The agency says it will be sending the funds by the end of the month to eligible individuals who did not claim the Recovery Rebate Credit, a refundable credit for taxpayers who did not get coronavirus-related stimulus payments on their 2021 tax returns.
According to the IRS, some of the eligible Americans will receive up to $1,400.
“No action is needed for eligible taxpayers to receive these payments, which will go out automatically in December and should arrive in most cases by late January 2025. The payments will be automatically direct-deposited or sent by paper check; eligible taxpayers will also receive a separate letter notifying them of the payment.”
IRS Commissioner Danny Werfel says the federal agency’s internal data shows that one million taxpayers “overlooked claiming” the Recovery Rebate Credit even though they were eligible.
“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.”
Americans who haven’t filed their 2021 tax returns will also be eligible for a share of the $2.4 billion if they file the same by April 15th of 2025.
“Qualified taxpayers are those who filed a 2021 tax return, but where the data field for the Recovery Rebate Credit was left blank or was filled out as $0 when the taxpayer was actually eligible for the credit.”
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