The Internal Revenue Service (IRS) announced that it will issue stimulus payments to over one million taxpayers who missed out on previous recovery rebate credits. The payments will begin mailing out in January 2024, providing crucial financial relief for many who are still affected by the economic impact of the COVID-19 pandemic. According to estimates, the IRS will send checks totaling $1,200 for individuals and $2,400 for married couples filing jointly, along with an additional $500 for each dependent child. ‘We understand that many Americans are still struggling financially, and these payments are intended to help those in need,’ said IRS Commissioner Charles Rettig. Taxpayers eligible for these payments are those who did not receive the full amount of their Economic Impact Payments from 2020 and 2021 due to income limitations or other reasons. The recovery rebate credit can still be claimed on 2021 tax returns, allowing eligible individuals to finally receive the payments they’re owed. ‘This initiative represents our commitment to ensuring all Americans receive the support they deserve during these challenging times,’ added Rettig. The IRS is reminding taxpayers to check their eligibility and ensure that their information is up to date to facilitate prompt payment processing.
