IRS to Distribute $2.4 Billion in Unclaimed Stimulus Payments to 1 Million Taxpayers

Dec 23, 2024, 06:09 PM

The Internal Revenue Service (IRS) announced that it will automatically distribute special payments of up to $1,400 to approximately one million taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns. The payments, totaling about $2.4 billion, are intended for individuals who were eligible for pandemic-era stimulus checks but did not receive them or received less than the full amount. Taxpayers will receive separate letters notifying them of these payments, according to the IRS. IRS Commissioner Danny Werfel stated, "Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible." The money will be directly deposited into eligible recipients' bank accounts or sent by paper check, with distribution expected to occur between December 2024 and late January 2025. Taxpayers do not need to take any action to receive these payments.