In the upcoming weeks, the IRS will automatically provide special payments of up to $1,400 to about 1 million taxpayers.
The funds will either be mailed as a physical check or directly deposited into the bank accounts of qualified individuals.
According to the IRS, approximately $2.4 billion will be disbursed to taxpayers who neglected to include a Recovery Rebate Credit on their 2021 tax returns.
The credit was available to those who had received less than the full amount of the COVID stimulus payments or who had missed one of them.
However, the IRS reported on Friday that it had found that many qualified individuals had not. In a statement, IRS Commissioner Danny Werfel said.,
“After examining our internal data, we discovered that one million taxpayers failed to claim this complex credit when they were truly qualified.”
