The IRS may drop $1,400 in your stocking this year

Everyone’s favorite Christmas gift giver, the Internal Revenue Service, has announced that it will be handing out more than $2 billion in checks to Americans this month as part of its efforts to ensure that everyone received their 2021 stimulus payments.

The federal tax agency has announced that an internal review found that many Americans had never received their financial impact payments, which were due after the filing of tax returns for 2021. Because of this, the agency is paying out the money they are still owed to Americans who never have received their checks.

Although most eligible Americans received their stimulus payments, the checks will be sent to those who qualified but filed a 2021 tax return that left the recovery rebate credit slot empty.

These people are eligible for up to $1,400 from the federal government. The payments must be received by the end of January 2025 at the latest.

“These payments are an example of our commitment to going the extra mile for taxpayers. When we looked at our internal data, we realized that 1 million taxpayers overlooked claiming this complex credit when they were actually eligible,” said the IRS- Commissioner Danny Werfel. “To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people won’t be required to go through the extensive process of submitting an amended feedback to receive it.”

Stimulus payments of $1,400 were sent out to Americans as part of a $1.9-trillion COVID-19 relief bill. Millions of Americans were eligible for the payments.

To get a check, Americans were required to earn less than $75,000 a year or less than $150,000 as a household.