IRS – The IRS is issuing stimulus checks to about one million taxpayers, totaling $2.4 billion, just in time for the end of the holiday season.
The IRS discovered that many taxpayers who filed a 2021 tax return failed to claim the Recovery Rebate Credit (RRC), which is now prompting the distribution of automatic payments. IRS Commissioner Danney Werfel explained that after reviewing internal data, it became clear that one million taxpayers were eligible but missed out on claiming this complex credit. To simplify the process, the IRS is issuing these payments automatically, meaning eligible individuals won’t have to file amended returns to receive their funds.
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Payments will be distributed by late January, either through direct deposit or as paper checks. Eligible taxpayers don’t need to take any action to receive their money.
What is the Recovery Rebate Credit?
The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more of the Economic Impact Payments, commonly referred to as stimulus checks. Only taxpayers who missed claiming the RRC for 2021 or have yet to file their 2021 returns are eligible. Most people who received stimulus payments during the COVID-19 pandemic are not eligible for this credit.
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