IRS to issue automatic stimulus payments to 1 million Americans in January

The IRS is issuing new stimulus payments totaling $2.4 billion to about 1 million Americans. Eligible individuals may receive up to $1,400 if they did not claim the Recovery Rebate Credit on their 2021 tax return. These payments will be automatic, meaning eligible taxpayers do not need to file an amended return. The IRS identified those who overlooked the credit and aims to simplify the process for them. Payments will be sent by direct deposit or paper check, with most arriving by late January 2025. Eligible taxpayers will also receive a letter detailing the payment.