IRS sending stimulus checks: What is it for, who qualifies for $1400 ...

Some 1 million taxpayers are eligible for stimulus payments that will be issued automatically by the Internal Revenue Service.

The stimulus payments aren’t technically new – instead, they are funds eligible taxpayers failed to claim when they filed their 2021 returns. The money, technically known as the Recovery Rebate Credit, is for those who did not receive one or more of the Economic Impact Payments, or stimulus payments, paid amid the COVID-19 pandemic.

Those receiving the payments either left the space for Recovery Rebate Credit blank or filled it out as $9 when they were actually eligible, the IRS said.

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

You don’t have to do anything special to claim your funds. If you’re eligible, the IRS will send them this later this month via direct deposit or paper check. Eligible taxpayers will also receive a separate letter notifying them of the payment.

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.

READ MORE: IRS sets date it will start accepting tax returns; How long will it take to get your refund?

More people could be eligible

You could still be eligible for a payment even if you don’t receive one this month.

Taxpayers who haven’t filed their 2021 returns may be eligible as well but face an April 15 deadline to submit their returns and claim their credits and other refunds they are owed.