The IRS announced it will automatically send payments to about one million taxpayers who did not claim the 2021 Recovery Rebate Credit. These payments aim to assist individuals who missed out on Economic Impact Payments during the COVID-19 pandemic. The IRS identified a significant number of eligible taxpayers who failed to claim this credit. Payments reaching up to $1,400 will be disbursed via direct deposit or paper checks by late January 2025, totaling an estimated $2.4 billion. Those who haven't filed a 2021 tax return still have time until April 15, 2025, to qualify.
The Recovery Rebate Credit was created to provide financial support during the COVID-19 pandemic for individuals who missed or did not receive the full amount of their Economic Impact Payments,...
#irs #recovery-rebate-credit #economic-impact-payments #taxpayers-assistance #covid-19-financial-support
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