A million taxpayers are set to receive up to $1,400 from the IRS. Here’s how to know if you’re one of them

DENVER, Colo. (KRDO) – Approximately a million taxpayers will be receiving up to $1,400 from the IRS in the coming weeks.

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 will see that money deposited directly into their bank accounts or sent in the mail by a paper check, the IRS said. 

"Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible," said IRS Commissioner Danny Werfel. "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."

Here's how to know if you're one of the lucky million that will receive a check:

What's the likelihood I'll receive a check?

Unfortunately, it's pretty low. The IRS said most taxpayers eligible for the federal stimulus payments – formally known as Economic Impact Payments, or EIPs – 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.

If you haven't filed your 2021 tax return yet, you still might be able to receive the money. However, you need to file a tax return and claim the Recovery Rebate Credit by the April 15, 2025, deadline, the IRS said.

How does it work?

Eligible taxpayers don't have to take any action. The payments will go out automatically sometime this month, and should arrive by direct deposit or paper check by late January 2025.

They'll be sent to the bank account listed on your 2023 tax return or to another address the IRS has on file.

Payments vary depending on several factors, but the maximum amount is $1,400 per individual. Learn more about eligibility and how the payments were calculated here.

The IRS said it will send letters notifying taxpayers if they're receiving the payment.