In a significant announcement on December 23, 2024, the Internal Revenue Service (IRS) revealed that approximately 1 million taxpayers in the United States will receive special payments amounting to up to $1,400 each. This initiative aims to assist eligible filers as they prepare for the upcoming 2025 tax season. The payments are part of a broader effort to provide financial relief amid ongoing economic challenges. Treasury Secretary Janet Yellen stated, “These payments will help millions of families and individuals offset the costs of living as we move into the new year.” The IRS emphasized that the payments would be distributed automatically to taxpayers who qualify, with no additional action required on their part. To be eligible for the payments, individuals must have filed a federal tax return for the tax year 2022 and meet income thresholds set by the agency. The payments aim to address the financial strain many face due to inflation and the rising cost of living. As detailed by IRS Commissioner Danny Werfel, “This relief is particularly important for those who rely on their refunds to cover basic expenses.” The IRS is expected to start processing these payments by early January 2025, ensuring that the funds reach taxpayers as quickly as possible. Stakeholders have welcomed the announcement, noting that it provides much-needed support as families navigate their financial situations during these challenging times.
IRS to Distribute Special Payments of Up to $1,400 to 1 Million Taxpayers Ahead of 2025 Tax Season
