The IRS is set to distribute approximately $2.4 billion in automatic stimulus payments to around 1 million taxpayers who did not claim their Recovery Rebate Credit on their 2021 tax returns. This initiative aims to assist individuals who overlooked this credit, which is designed for those who missed out on Economic Impact Payments (EIPs) during the pandemic. Eligible taxpayers will receive payments of up to $1,400 without needing to take any action, as the IRS has identified those who qualify based on their filing status. The payments will be sent out automatically by late January, either through direct deposit or checks. Taxpayers who have not yet filed their 2021 tax returns can still qualify for these payments, provided they file by the April 15, 2025 deadline. The IRS is committed to simplifying the process to ensure eligible individuals receive the funds they are entitled to.
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