The IRS is distributing approximately $2.4 billion in special payments of up to $1,400 to 1 million taxpayers who failed to claim the Recovery Rebate Credit on their 2021 returns.
IRS Commissioner Danny Werfel mentioned, 'Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,' highlighting the oversight of eligible taxpayers.
Eligible taxpayers are automatically receiving payments, with funds either directly deposited or sent via paper check by late January 2025, emphasizing a streamlined process for these individuals.
Currently, the likelihood of receiving a check is low for many, as most eligible individuals have already received their Economic Impact Payments, indicating the targeted nature of this distribution.
#irs-payments #recovery-rebate-credit #covid-stimulus #taxpayer-eligibility #economic-impact-payments
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