How to know if you qualify for special $750 refund coming soon from IRS

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Refunds from the Internal Revenue Service (IRS) worth an average of $750 are expected to be paid out to a select group of people by the end of September.

The IRS announced in late August it would waive the penalties for individuals and corporations who filed their 2019 and 2020 taxes late.

It is also providing refunds or credits to approximately 1.6 million taxpayers who already paid their penalties for filing late.

The refunds will average to $750 per person.

RELATED: Here’s who qualifies for $750 tax penalty refund from IRS

“Besides providing relief to both individuals and businesses impacted by the pandemic, this step is designed to allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season,” the IRS said in a statement.

Taxpayers do not have to do anything if they already filed their returns and paid penalties on them.

For those who have not yet filed their tax returns for 2019 or 2020, they have until Sept. 30 to file their returns and qualify for penalty relief.

“Penalty relief is automatic. This means that eligible taxpayers need not apply for it. If already assessed, penalties will be abated. If already paid, the taxpayer will receive a credit or refund,” the agency added.

Taxpayers should receive their refunds by the end of September.

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