Approximately 1 million taxpayers are set to receive special payments of up to $1,400 from the IRS in the coming weeks. The IRS is distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. These payments will be directly deposited into eligible individuals' bank accounts or sent via paper check.
The IRS identified that many eligible taxpayers had overlooked claiming the credit, prompting this initiative. The special payments are for those who filed a 2021 tax return but either left the Recovery Rebate Credit field blank or filled it out as $0 when they were actually eligible.
