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 is distributing about $2.4 billion to taxpayers who didn’t receive their COVID stimulus payments. By the end of January, approximately 1 million taxpayers will receive special payments of up to $1,400 from the IRS.

According to a press release from the IRS, about $2.4 billion was expected to be distributed in December, and in most cases, the payments would arrive by late January 2025 to the bank account listed on the taxpayer’s 2023 tax return or to the address on record.