The Internal Revenue Service (IRS) has announced that it will automatically issue payments to approximately one million taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns.
These payments, up to $1,400 per individual, are intended for those who missed out on Economic Impact Payments (EIPs), commonly known as stimulus payments, during the COVID-19 pandemic.
Key Details:
Automatic Payments: Eligible taxpayers will receive payments automatically; no additional action is required.
Distribution Timeline: Payments will be issued starting in December 2024 and are expected to arrive by late January 2025.
Payment Methods: Funds will be delivered via direct deposit to the bank account listed on the taxpayer’s 2023 tax return or sent as a paper check to the address on record.
IRS Notification: Recipients will receive a letter from the IRS confirming the payment.
Eligibility Criteria:
Taxpayers who filed a 2021 tax return but either left the Recovery Rebate Credit field blank or reported it as $0, despite being eligible, will receive these payments.
Action for Non-Filers:
Individuals who have not yet filed their 2021 tax returns can still claim the Recovery Rebate Credit by filing before the April 15, 2025, deadline.
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