A million taxpayers are receiving up to $1,400 from the IRS. Who are they and why now?

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Approximately one million taxpayers are automatically receiving special payments of up to $1,400 from the Internal Revenue Service (IRS). The money is being directly deposited into eligible people's bank accounts or sent in the mail as a paper check. The IRS said it's distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. People who missed one of the COVID stimulus payments or received less than the full amount were able to claim the credit. But the IRS said it discovered many eligible taxpayers hadn't done so. "Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible," IRS Commissioner Danny Werfel said in a statement. The IRS said most taxpayers eligible for the federal stimulus payments, formally known as Economic Impact Payments, have already received them. The special payments announced by the IRS are being sent to those taxpayers who filed a 2021 tax return but left the data field for the Recovery Rebate Credit blank or they filled it out as $0 when they were actually eligible for the credit. Eligible taxpayers don't have to take any action. The payments have been going out automatically since last December and should arrive by direct deposit or check by late January 2025. They'll be sent to the bank account listed on the taxpayer's 2023 return or to the address the IRS has on file. Payments vary, but the maximum amount is $1,400 per individual. The IRS has posted information online about eligibility and how the payment was calculated. The IRS is sending separate letters to eligible taxpayers notifying them of the special payment. This article was provided by The Associated Press.