The Internal Revenue Service (IRS) recently announced that it will pay nearly $2.4 billion in IRS stimulus check payments to almost 1 million people who failed to claim a rebate credit on 2021 tax returns. As per a recent press release, the IRS announced that eligible taxpayers who filed 2021 tax returns will receive the amount through direct deposit to their bank accounts or perhaps by a paper check will be mailed to them.
IRS Commissioner Danny Werfel stated in the press release,
"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 per the records, most eligible candidates have already claimed the IRS stimulus check, and 1 million eligible who have not yet collected their IRS stimulus check payments are expected to receive it by the end of January 2025.
All you need to know about the IRS stimulus check
On Friday the IRS declared that the amount each eligible person will get depends on various factors; however, the maximum amount to be received is $1,400. To receive the payment, taxpayers do not need to fill out any forms or follow additional steps, as they will be receiving a letter containing details about the payment, which is likely to be credited into their bank accounts by the end of January 2025.
"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," Werfel said.
The IRS also stated that people who failed to file taxes in 2021 are still eligible to claim the IRS stimulus check if they file their 2021 tax returns by April 15, 2025. Taxpayers who missed any of the three COVID stimulus payments are eligible to get this rebate credit. Previously, the IRS issued nearly $814 billion to eligible people through the COVID stimulus payment. In March 2020, eligible people received nearly $1,200 and $500 per child under the care of the individual taxpayer. Similarly, in December 2020, individual taxpayers received $600 and an additional $600 per child under his care.
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As per the IRS press release, "These December payments for the 2021 Recovery Rebate Credit are only going to taxpayers where IRS data demonstrates a taxpayer qualifies for the credit."
For eligible taxpayers who left the Recovery Rebate Credit field blank or $0 while filing 2021 tax returns, the money will be sent directly. In case an eligible taxpayer closes his bank account after filing 2023 tax returns, the bank will return the credit to the IRS, and the refund will automatically be reissued to the address of record.
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