IRS to issue about $2.4B in Stimulus checks
Funds are for those who missed out on 2021 credit
By: Amaris Encinas
USA Today
..... A check from the Internal Revenue Service is set to make the end of the holiday season a little greener for one million of stimulus checks will be distributed among some taxpayers in the coming weeks, the IRS announced Friday.[12/27/2024]
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Internal data reviewed by the IRS found that many people who field a 2021 tax return failed to claim the Recovery Rebate Credit, prompting the revenue service to issue the batch of "special" automatic payments.
..... "Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible," IRS Commissioner Danney Werfel said in a statement.
..... "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."
.... All eligible taxpayer swill receive payments by late January [2025] that will either be automatically deposited directly into their account or sent by paper check in the mail. No action from eligible recipients is needed.
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The Recovery rebate Credit is a "refundable credit for individuals who did not receive one or more Economic Impact Payments also known as stimulus payments,: said the IRS. Only those who failed to claim the RRC for the 2021 tax year or have not yet field for 2021 are eligible.
..... The IRS previously issue three rounds of stimulus payments over the course of the COVID-19 pandemic, which means most, it not all, eligible people have already received stimulus payments and won't be eligible to claim the RRC.
.... "Special" payment will only be sent to taxpayers who qualify for the credit. The IRS has defined "qualified taxpayers" as those who field a 2021 tax return Rebate Credit blank or filled out $0 when the individual was eligible to receive the credit.
..... The amount for a payment will depend on several factors, but the maximum payment is $1,400 per person.