Approximately 1 million taxpayers will soon receive automatic payments of up to $1,400 from the IRS, totaling around $2.4 billion. These payments are aimed at individuals who did not claim the Recovery Rebate Credit on their 2021 tax returns, which was available for those who missed out on COVID stimulus payments. The IRS identified that many eligible taxpayers overlooked this credit, prompting the decision to distribute these funds automatically without the need for filing amended returns. Eligible taxpayers will receive direct deposits or paper checks, with payments expected to arrive by late January 2025. To determine if they claimed the credit, taxpayers can review their 2021 tax returns, check their IRS Online Account, or contact the IRS for assistance. Those who have not filed their 2021 tax returns still have the opportunity to claim the credit by filing before the April 15, 2025 deadline, potentially qualifying for a refund.
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