The IRS is distributing approximately $2.4 billion as special payments of up to $1,400 to taxpayers who overlooked claiming a Recovery Rebate Credit on their 2021 tax returns.
IRS Commissioner Danny Werfel stated, 'Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible.'
Eligible taxpayers do not need to take any action, as the payments will go out automatically this month and should arrive by direct deposit or check.
Payments will vary but the maximum amount will be $1,400 per individual, with the IRS providing eligibility information and payment calculations online.
#irs-payments #recovery-rebate-credit #economic-impact-payments #taxpayer-assistance #covid-stimulus-payments
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