The IRS just announced its plans to issue the payments starting later this month to 1 million taxpayers who didn't claim it while filing for their 2021 tax returns. "The IRS announced the special step after reviewing internal data showing many eligible taxpayers who filed a return but did not claim the credit," the agency said in a press release. Taxpayers can expect to receive a maximum of $1,400, according to the IRS. A total of $2.4 billion will be sent to those who missed receiving the credit.
Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks. The money will be directly deposited into eligible people’s bank accounts or sent in the mail by a paper check. The IRS said it’s distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. People who missed one of the COVID stimulus payments or had received less than the full amount were able to claim the credit. But the IRS on Friday said it discovered many eligible taxpayers hadn’t done so.
The IRS said it's distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. People who missed one of the COVID stimulus payments or had received less than the full amount were able to claim the credit. But the IRS on Friday said it discovered many eligible taxpayers hadn't done so. "Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible," IRS Commissioner Danny Werfel said in a statement
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