Big News for Taxpayers: Surprise IRS Payments Could be on the Way!

The IRS is taking an exciting step to ensure eligible taxpayers don’t miss out on money they’re owed. After reviewing their records, the IRS identified many people who filed a tax return but didn’t claim the Recovery Rebate Credit—a refundable credit for those who didn’t receive one or more Economic Impact Payments (EIPs), also known as stimulus payments.

Here’s the best part: no action is required for eligible taxpayers! The IRS will send these payments automatically starting in December, with most payments arriving by late January 2025. Payments will be direct-deposited into bank accounts or sent as paper checks, and recipients will also get a notification letter.

“We’re committed to making the process easier for taxpayers,” said IRS Commissioner Danny Werfel. “We realized that around a million taxpayers missed claiming this credit. Instead of asking them to go through the hassle of filing an amended return, we’re making these payments automatic.”

What You Need to Know

• Maximum Payment: Up to $1,400 per person, depending on eligibility.

• Total Estimated Payments: $2.4 billion will be distributed.

• Who Qualifies? Taxpayers who filed a 2021 return but didn’t claim the Recovery Rebate Credit, even though they were eligible.

Did You Miss Filing Your 2021 Tax Return?

If you didn’t file a 2021 return, you might still be eligible to claim the Recovery Rebate Credit! However, you’ll need to file by April 15, 2025, to receive any refunds you’re owed.

Important Reminders:

• Automatic Payments: If you qualify, payments will be sent to the bank account listed on your most recent return or mailed to your address on file.

• What If My Bank Account Closed? No worries! The payment will bounce back to the IRS, and they’ll reissue it to your address.

• Not Sure About Eligibility? Check your IRS Online Account to see what Economic Impact Payments you received and if you qualify for the credit.

Don’t Miss Out on Other Credits!

As the 2025 tax filing season approaches, the IRS is ramping up efforts to ensure taxpayers claim every credit and deduction they’re eligible for, including the Earned Income Tax Credit and other coronavirus-related tax relief.

This initiative highlights the IRS’s ongoing commitment to helping taxpayers, so check your records, stay informed, and make sure you get the money you deserve!