(DCWatchdog.com) – In a surprise move, the IRS plans to disburse $2.4 billion in special payments to about a million Americans who missed out on 2021 stimulus checks.
See the tweet below!
Amidst economic struggles and rising prices, these payments are crucial. As taxpayers battle inflation, some blame the administration for their financial woes.
Approximately 1 million taxpayers will receive up to $1,400 each from the IRS.
These automatic payments will be sent out this month, targeting those who missed the 2021 Recovery Rebate Credit.
The IRS identifies recipients through internal data, focusing on individuals who filed tax returns but did not claim the credit.
The IRS will distribute about $2.4 billion to these taxpayers.
Eligible individuals will not need to take any action as these payments will be sent automatically.
This strategy avoids the need for amending returns, easing the burden for taxpayers.
This news comes as the U.S. economy continues to face pressures, such as high prices for essentials.
Inflation has been a significant concern for voters, many of whom blame the current administration, despite recent improvements.
Economic uncertainty persists, adding importance to these IRS payments, Newsweek notes in a report.
“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,” stated IRS Commissioner Danny Werfel.
The payments will start in December, with most expected by late January 2025.
If bank accounts are closed, payments will be sent to the last known address.
The IRS is committed to ensuring these funds reach those who need them.
The agency emphasizes that taxpayers who haven’t filed their 2021 returns can still claim the credit by April 15, 2025.
Breaking news from the #IRS. Look for IR-2024-314 (which I did not find online yet). #TaxTwitter pic.twitter.com/FrktdD38cX
— Phyllis Jo Kubey (@PKubeyEA) December 20, 2024
The IRS also reassures that the Recovery Rebate Credit won’t affect federal benefits eligibility, providing an added layer of support.
Amidst these efforts, IRS Commissioner Danny Werfel affirmed the agency’s dedication to taxpayer aid.
His statement highlighted, “The IRS continues to work hard to make improvements and help taxpayers. These payments are an example of our commitment to go the extra mile for taxpayers.”
As deadlines approach, the IRS encourages individuals to file returns to claim credits and any refunds due.
This step ensures no one misses out on the financial support available during these challenging times.
In the current economic climate, with inflation rising and essential costs high, these “special payments” are a beacon of relief for many struggling taxpayers.
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