The IRS is issuing payments of up to $1,400 to one million individuals. Here’s a look at who is eligible to receive these funds.
million individuals
The IRS reported on Friday that it would send “special payments” totaling $2.4 billion to 1 million people. This is being done to ensure that those Americans who were left behind by the pandemic when some of their federal stimulus checks were not delivered get their money directly in the bank accounts.
There would be the difference in the payments; every qualified person would get the up to $1,400. IRS Commissioner Danny Werfel said that the agency is making the payments automatic in such a way that the recipient will not have to make an amended return.
Who is eligible?
It also seems that the IRS released some of the funds after taking into account data wherein it is reflected that people filing their tax returns during 2021 have many who did not claim for the “recovery rebate credit.” Background As background, this credit referred to people who did not fully obtain their stimulus checks under pandemic. The three stimulus payments were approved by lawmakers, two of which passed in 2020, and the last in 2021. The majority of eligible taxpayers already received their payments, either directly, or through the recovery rebate credit.
Do you qualify and need to apply?
No. The IRS will issue payments automatically to nearly 1 million people who filed a tax return and are eligible for, but did not claim the recovery rebate credit.
Payments will include a letter explaining the payment.
When will the payments be issued?
The IRS expects availability by December and believes the largest share of recipients will see them before the end of January 2025. Both direct deposit into bank accounts as well as paper checks that should be mailed to recipients have been planned.
