A new round of automatic stimulus payments totaling $2.4 billion is being distributed by the IRS to around one million Americans who may have missed out on claiming the Recovery Rebate Credit on their 2021 tax returns. This initiative aims to assist those eligible taxpayers who overlooked the credit, which is designed for individuals who did not receive one or more Economic Impact Payments (EIPs) during 2021. IRS Commissioner Danny Werfel emphasized the agency's commitment to simplifying the process for taxpayers, stating that eligible individuals will not need to file amended returns to receive their payments. The maximum payment can reach up to $1,400 per person, depending on various factors. Eligible taxpayers will receive their payments automatically via direct deposit or paper checks by late January 2025, along with a notification letter. For further details on eligibility and payment calculations, individuals are encouraged to visit the IRS website.
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