New York’s Staten Island — One million people who never got their economic impact payments will get Recovery Rebate Credits, according to a plan outlined by the Internal Revenue Service (IRS).
IRS Commissioner Danny Werfel stated, “After examining our internal data, we discovered that one million taxpayers failed to claim this complex credit when they were truly qualified.” We’re automating these payments to reduce hassles and ensure that eligible taxpayers receive this money.
For those who missed one or more Economic Impact Payments (EIP), also known as stimulus payments, there is a refundable credit called the Recovery Rebate Credit.
Each person may pay up to $1,400.
The IRS will send a letter to eligible beneficiaries, but they don’t need to do anything to get the money.
According to the IRS, most taxpayers will receive their money by the end of January. Payments will be made automatically in December by paper check or direct transfer.
Payments totaling an estimated $2.4 billion will be disbursed.
Taxpayers who have not yet filed their 2021 taxes may qualify, according to the IRS, but they must do so by April 15 in order to receive the credit.
Go to the IRS website to learn more about automated payments.
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