IRS to Send $1,400 Payments to 1 Million Taxpayers, Totaling $2.4 Billion, by January 2025

Dec 22, 2024, 05:36 PM

The Internal Revenue Service (IRS) has announced that approximately 1 million taxpayers will receive automatic payments of up to $1,400 each in December 2024. This initiative is aimed at those who were eligible for a pandemic-era tax break but did not claim the COVID cash from 2021. The total amount disbursed is expected to reach around $2.4 billion. Eligible taxpayers will not need to take any action, as the payments will be directly deposited into their bank accounts or sent via paper checks. The IRS has also indicated that separate letters will be sent to notify eligible taxpayers about the special payments, which are expected to arrive by late January 2025.