Shocking IRS Update: $1,400 Refunds Now Available for Over 1 Million Taxpayers – Are You Eligible?

The IRS announced Friday that it is delivering $2.4 billion in “special payments” to 1 million people to ensure that Americans who did not receive all of their federal stimulus checks during the pandemic receive the funds in their bank accounts. According to the agency, the reimbursements will be based on individual circumstances, with a maximum of $1,400 per beneficiary. “To reduce headaches and get this money to eligible taxpayers, we’re making these payments instinctive, meaning these people will not be obliged to go through the extensive process of filing a new return to receive it,” the IRS Commissioner Danny Werfel said in a statement.

Who will receive a payment from the IRS?

The tax agency said it is disbursing the payments after evaluating internal data that revealed many persons filed tax returns but did not claim the “recovery rebate credit” in 2021. That credit was intended for persons who did not receive all or a portion of the stimulus payments during the pandemic. Three stimulus payments were authorized by lawmakers, two of which will be given in 2020 and the third in 2021. Most eligible taxpayers have already received stimulus payments, either directly or through the recovery rebate credit.

Do you have to apply for the IRS payment?

No. The IRS said the payouts would be sent automatically to around 1 million persons who submitted tax returns and qualified for the recovery rebate credit but did not claim it. The agency will notify beneficiaries via letter that they will receive their money. The tax department said the cheques would be mailed in December, with most payments arriving by late January 2025. The funds are automatically put into the recipient’s bank account or sent as a printed check.