Around $2.4 billion in automatic payments will be issued to nearly one million taxpayers, according to the Internal Revenue Service (IRS). The agency said they will go to those who missed out on claiming the 2021 Recovery Rebate Credit.

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.

Each payment is worth up to $1,400 and available to those with previously unpaid stimulus, officially known as Economic Impact Payments (EIP).

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,