The Internal Revenue Service announced in December 2024 that it sent out a round of automatic payments. But, when will the money hit your bank account?
The payments are for eligible taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns, according to the IRS.
The Recovery Rebate Credit is a refundable credit for people who didn't receive one or more Economic Impact Payments, commonly known as 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, the IRS said in a statement in December 2024.
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.
What if I didn't file a 2021 tax return?
If you didn't file a tax return in 2021, you must file by April 15, 2025, to claim any eligible refunds. Taxpayers who haven't filed their 2021 tax returns might still be eligible for the stimulus credit, according to the IRS.
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 they are expected to arrive by the end of January.
How much money will I receive from the IRS payment?
The payment amounts depend on "several factors" but the maximum payment one person can receive is $1,400, according to the IRS.
The agency has sent an estimated $2.4 billion in payments.
How will the IRS payment be sent out?
The IRS payments will be 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.
"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," Werfel said.
This article was originally published on TODAY.com
