IRS Sending 'Special' Stimulus Checks to 1 Million Americans
Published Dec 22, 2024 at 8:17 AM EST
Updated Dec 22, 2024 at 12:22 PM EST
What's New
The Internal Revenue Service (IRS) will send out a total of $2.4 billion in "special payments" to 1 million people who did not claim federal stimulus checks on their tax returns for 2021, the agency announced on Friday.
The IRS will issue automatic payments later this month to anyone who did not claim the 2021 Recovery Rebate Credit, the agency said—a refundable credit for individuals who did not receive one or more stimulus payments, officially known as Economic Impact Payments (EIP).
Why It Matters
Despite the resilience of the U.S. economy in the years following the pandemic, Americans are still struggling with higher prices—including that of food and housing.
The economy was consistently named as voters' top issues in polls conducted ahead of the November election, despite the fact that inflation had since cooled down significantly compared to the 9.1 percent peak of June 2022, and the U.S. maintained a strong job market and relatively good growth.
Preelection surveys, as well as Donald Trump's victory on November 5, were a sign that voters blamed the current administration for the rise of inflation after the pandemic, and for their financial struggles.
As inflation creeps up once again, having risen for two consecutive months in October and November, anything that can offer some respite to American consumers, such as the IRS "special payments," is welcome to taxpayers.
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https://www.newsweek.com/irs-sending-special-stimulus-checks-1-million-americans-2004775
