The government will give 1 million people 1400 dollars.

The Internal Revenue Service (IRS) announced that it has distributed approximately $2.4 billion to taxpayers who could not claim the Recovery Rebate Credit on their 2021 tax returns. Individuals who missed one of the COVID stimulus payments or received less than the full amount were eligible to claim the credit. However, the IRS stated in a press release on Friday that it discovered many eligible taxpayers did not do so.

IRS Commissioner Danny Werfel said in a statement, "When we looked at our internal data, we realized that one million taxpayers actually overlooked claiming this complex credit despite being eligible."

MONEY WILL BE AUTOMATICALLY DEPOSITED INTO TAXPAYERS' ACCOUNTS

Eligible taxpayers do not need to take any action. Payments will be automatically made this month and will reach them via direct deposit or check by the end of January 2025. Payments will be sent to the bank account specified on the taxpayer's 2023 return or to the address on file with the IRS. Payments will vary, but the maximum amount will be $1,400 per person. The IRS has published online information about eligibility and how the payment is calculated.

HOW MANY ROUNDS OF COVID STIMULUS PAYMENTS WERE MADE?

A total of $814 billion in three rounds of payments was made to households affected by the pandemic. The IRS determined the amounts received by taxpayers based on their income, tax filing status, and the number of children or dependents they had.

$1,700 WAS GIVEN IN 2020

In March 2020, eligible individuals received $1,200 per income tax filer and $500 per child under the CARES Act. In December 2020, eligible individuals received up to $600 per income tax filer and $600 per child under the Consolidated Appropriations Act. In March 2021, eligible individuals received up to $1,400 per income tax filer and $1,400 per child under the American Rescue Plan Act.