The Internal Revenue Service has sent out a round of automatic payments, but when will the money hit your bank account?
In December 2024, the IRS announced that it was issuing payments to eligible taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns.
The Recovery Rebate Credit is a refundable credit for people who did not receive one or more Economic Impact Payments, or stimulus checks.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” IRS commissioner Danny Werfel said in a statement.
Here’s what to know about eligibility and how to receive your money.
What are the requirements to receive an IRS special payment?
Most taxpayers who were eligible for stimulus checks already received them, or received the Recovery Rebate Credit, per the IRS.
The current IRS payments will go to qualified taxpayers who filed a 2021 tax return, but left the Recover Rebate Credit data field blank or wrote in $0. In this case, the taxpayer was eligible for payment and did not claim the credit.
The IRS noted that taxpayers who haven’t filed 2021 tax returns might also be eligible for the credit, as well. However, they must file by April 15 to claim.
What do I need to do to receive an IRS special payment?
Nothing. The IRS said no action is necessary for eligible taxpayers to receive their payments.
The agency said they sent the payments automatically in December 2024 and it’s expected to arrive by the end of January.
How much money will I receive from the IRS payment?
According to the IRS, the payment amounts are dependent upon “several factors” but the maximum payment one person can receive is $1,400.
The IRS has sent an estimated $2.4 billion in payments.
How will the IRS payment be sent out?
The IRS payments will be automatically direct deposited into a taxpayer’s bank account, or arrive via paper check.
Taxpayers who receive a payment will also receive a separate letter notifying them of the claim.
