In a significant move, the IRS is set to distribute approximately $2.4 billion to taxpayers who missed out on their COVID stimulus payments. By the end of January, around one million individuals will receive special payments of up to $1,

The IRS announced eligible U.S. taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax return are in line to receive a stimulus check.

Payments will be sent to the bank account listed on the taxpayer’s 2023 tax return or to the address of record. The exact amount of the payment will vary but maximum is $1,400 per individual. The total amount distributed by the IRS is $2.4 billion.