(ReclaimingAmerica.net) – In an unexpected development, the IRS is set to deliver $2.4 billion in automatic payments to nearly 1 million Americans who failed to claim their 2021 Recovery Rebate Credit.
See the tweet below!
These taxpayers, who missed out on critical financial support, will receive up to $1,400 each without needing to take any action.
This unprecedented move comes amid rising inflation and economic frustration among American taxpayers.
The Internal Revenue Service has announced it will distribute special payments to approximately one million taxpayers.
This measure targets those who overlooked claiming the crucial Recovery Rebate Credit on their 2021 tax returns.
By utilizing internal data, the IRS identified eligible recipients who filed tax returns but did not process this important credit, Newsweek reports.
Recipients of these special payments will find the funds deposited directly into their accounts or sent by paper check by late January 2025.
These efforts aim to minimize the hurdles taxpayers often face in reaping due benefits.
To add further ease, the IRS will notify eligible taxpayers with separate letters, while taxpayers who haven’t yet filed their 2021 tax returns have until April 15, 2025, to claim this credit.
“To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it,” said IRS Commissioner Danny Werfel –
This round of payments is a relief amid rising inflation, serving as some financial reprieve for struggling Americans.
Despite an allegedly resilient economy post-pandemic, high prices for essentials persist.
Economic concerns have led to rising dissatisfaction with the current administration from voters, many of whom praised Trump’s victory on November 5 as a step towards recovery.
Looking at the broader scope of economic concerns, most voters blamed the current administration for financial struggles, with inflation seeing two consecutive months of increases in October and November.
While the Recovery Rebate Credit does not count as income for federal benefits eligibility, it provides substantial help to those left in financial limbo due to unclaimed incentives.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” Werfel added.
As the IRS promises to continue aiding taxpayers, this latest effort highlights the need for more streamlined processes and a consideration of taxpayers juggling families and financial hardships.
IRS Sending $2.4 Billion in Payments to 1 Million Taxpayers Who Missed Out on Stimulus Checks pic.twitter.com/Tbn5aWJ2AQ
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