On December 24, 2024, the Internal Revenue Service (IRS) commenced distribution of Recovery Rebate Credits, sending out checks to approximately 1 million Americans. The payments, valued at $1,400 each, aim to assist those who qualify under the reinstituted economic relief initiatives amid ongoing financial challenges faced by many families. According to IRS officials, these payments are part of a broader plan to redistribute funds authorized under prior relief legislation designed to help cover living expenses as price inflation continues. IRS Commissioner Doug O’Donnell stated, ‘We are committed to ensuring that eligible individuals receive the financial assistance they need this holiday season.’ The criteria for qualifying includes having an adjusted gross income below $75,000 for individual filers, $150,000 for married couples filing jointly, and $112,500 for heads of household. Payments will be directly deposited or mailed out to recipients’ last known addresses. The IRS emphasizes the importance of being aware of potential scams, urging recipients to be skeptical of unsolicited requests for personal information. The Recovery Rebate, which was initially introduced in response to the COVID-19 pandemic, is being positioned as a significant method for helping struggling families during this critical economic recovery period.
IRS Begins New Round of Recovery Rebate Payments for Eligible Americans
