Since the pandemic hit, rumors have been swirling about potential new stimulus payments, and it turns out some of those rumors are true. But don’t get too excited just yet—it’s not a new round of stimulus checks like we saw in the past. Instead, these payments are targeted at people who didn’t receive all the stimulus money they were eligible for during the previous rounds.
The Internal Revenue Service (IRS) has announced that millions of Americans will be receiving these “special payments” throughout December and January 2025. In total, about 1 million people will get a share of $2.4 billion. If you missed out on some of your federal stimulus money in the past, this payment is designed to make things right.
What Are the Special Payments About?
These payments are not part of a fresh round of government relief but are rather aimed at those who didn’t receive all of their stimulus money during the pandemic. According to IRS Commissioner Danny Werfel, this initiative will provide financial support without requiring people to file complex paperwork.
“To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic. This means eligible individuals will not need to go through the extensive process of filing an amended return,” said Werfel.
The good news is that you don’t have to do anything extra to receive the payment if you are eligible. The IRS will send out automatic payments directly to you.
How Much Money Will You Get?
The payments will vary by individual, but the maximum amount anyone can receive is $1,400. If you’re one of the people who missed out on your full stimulus during the previous rounds, this payment is designed to close that gap.
How Will You Know If You’re Getting a Payment?
If you think you missed out on some of your previous stimulus money, you might be in luck. The IRS will send out letters to recipients, informing them that they’ll be receiving these special payments. So, if you receive a letter from the IRS, it’s a good sign that a payment is coming your way.
Most of these payments are expected to be made in December, with the majority of them completed by late January 2025.
What Should You Look For?
You should keep an eye on your mailbox and your bank account. If you are eligible, the IRS will send you a letter explaining that a payment is on the way. Additionally, you may receive a direct deposit into your bank account, so it’s a good idea to check your account regularly. Alternatively, you might receive a physical check in the mail.
Why Is This Happening Now?
The IRS is aiming to ensure that all eligible Americans receive the full amount of the stimulus payments they were entitled to during the pandemic. This round of payments is an effort to correct any missing funds for those who didn’t get their full share of the financial relief that was issued in the past.
Since the IRS is handling this process automatically, people won’t need to file any additional forms or go through complicated steps. This is meant to provide a straightforward way for those who are owed money to get it without additional hassle.
Who Will Receive the Payments?
As mentioned, approximately 1 million Americans are set to receive these payments. The IRS will determine who is eligible based on its records, and the special payments are specifically for those who didn’t receive all their stimulus money during the three rounds of payouts.
If you’re one of the millions who missed out on stimulus money, now is your chance to get the payment you were entitled to.
What Should You Do If You Think You’re Eligible?
If you believe you were eligible for more stimulus money in the past but didn’t receive it, the IRS is making it easier than ever to get the money. There’s no need to file additional paperwork, and the payments are being sent automatically. Just be on the lookout for a letter from the IRS or a check in the mail.
The IRS will send notifications to eligible recipients, letting them know that the payment is on its way. Keep an eye on your mail and bank account, as payments will be sent in the coming months.
Conclusion
Although the new stimulus payments are not a fresh round of relief for everyone, they are a much-needed correction for those who didn’t get all the money they were supposed to during the previous rounds. With the IRS sending out automatic payments in December and January, millions of Americans will be receiving their rightful share of stimulus funds. Make sure to check your mail and bank account to see if you’re one of the recipients.
