The holiday season has come to an end, and many people are looking forward to a fresh start in the New Year. However, after all the holiday shopping and celebrations, it’s not unusual for people to feel like their wallets are a bit lighter than they would like. But there’s good news for over a million Americans: the IRS is preparing to send out $2.4 billion in special payments to those who didn’t receive all of their federal stimulus money during the pandemic.

Who Is Getting the Special Payments?

The IRS has announced that these payments will go to individuals who missed out on their full federal stimulus checks, which were distributed during the pandemic. The payments are aimed at those who did not receive all three rounds of stimulus payments that were offered to Americans.

IRS Commissioner Danny Werfel shared that, “To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.” This means eligible individuals won’t have to go through complicated procedures to claim the money — it will be sent automatically.

How Much Money Can You Expect?

The IRS has set the maximum payout for these special payments at $1,400 per person. However, the exact amount an individual receives will vary depending on their specific situation. If you didn’t get the full amount of your stimulus payments during the pandemic, you may be eligible for a payout now.

Even if you didn’t receive your full stimulus amount at the time, don’t worry. The IRS is working to make sure that everyone who qualifies will get their fair share.

When Will the Payments Be Sent?

The special payments are expected to start going out in December 2024 and will continue into January 2025. The IRS is sending out letters to eligible individuals to notify them of their upcoming payment. If you believe that you missed some or all of your stimulus money, you might want to keep an eye on your mailbox for a letter from the IRS. The letter will inform you that a payment is on the way.

Most payments are expected to be completed by the end of January 2025, so if you haven’t received your payment by then, it’s a good idea to check with the IRS.

What Should You Do to Receive the Payment?

If you think you are eligible for the special payment, there’s nothing you need to do. The IRS has made the process automatic, meaning you don’t need to submit any additional paperwork or make any special requests. The payments will be sent out directly, either as checks or through direct deposit, depending on your preferences and past interactions with the IRS.

To make sure you don’t miss your payment, keep an eye on your mailbox for the IRS letter. If you prefer direct deposit, check your bank account for the deposit. The IRS has worked hard to ensure that the process is as smooth as possible, so there should be no complicated steps for those who are eligible.

A Timely Financial Boost

For many, the idea of receiving an extra $1,400 will provide much-needed relief, especially as we move into the new year. Whether it’s to cover unexpected bills, help with holiday expenses, or simply give your bank account a boost, this additional stimulus money can come at a much-needed time.

If you think you didn’t get all your stimulus money during the pandemic, it’s a good idea to stay on top of your mailbox and bank account. The IRS is working to get these payments out to the people who need them the most, and it’s important to check if you are one of the lucky ones who will receive a special payment.

Conclusion

With the IRS set to distribute $2.4 billion in special payments, there’s good news for over a million Americans. If you missed out on some or all of your federal stimulus money during the pandemic, you may be getting up to $1,400 in the coming weeks. Keep an eye out for your IRS letter or check your bank account to see if a direct deposit is on its way. This extra payment is a timely financial boost for many, offering much-needed relief as we head into the new year.