The Internal Revenue Service (IRS) is distributing about $2.4 billion to taxpayers who did not receive their COVID stimulus payments. By the end of January, approximately 1 million taxpayers will receive special payments of up to $1,400 from the IRS.
The IRS said it is distributing these payments to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (EIP), also known as stimulus payments.
"Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible," said IRS Commissioner Danny Werfel in a statement.
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