$1,400 Stimulus Checks Are Nearly All Sent Out. But More Money Is Coming.

Biden Stimulus

$1,400 Stimulus Checks Are Nearly All Sent Out. But More Money Is Coming.

It appears that many of the extra payments should already have landed in bank accounts, but if not, the agency has assured the general public that these funds will continue to go out on a weekly basis going forward.

The Internal Revenue Service earlier this week confirmed that a much-needed sixth batch of $1,400 stimulus checks has been disbursed to cash-strapped U.S. taxpayers under Joe Biden’s American Rescue Plan.

Included in the latest batch of two million payments were another seven hundred thousand “plus-up” or supplemental checks, which are for “people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns,” the IRS said in a statement.

“These ‘plus-up’ payments could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations,” the agency added.

It is estimated that the IRS will ultimately send out more than $1.2 billion of these “plus-up” payments to Americans.

It appears that many of the extra payments should already have landed in bank accounts, but if not, the agency has assured the general public that these funds will continue to go out on a weekly basis going forward. The IRS has noted that it is working around the clock to process as many tax returns as possible from both 2020 and 2019.

However, know that there have been reports of Americans living and working abroad who are eligible for the “plus-up” payment but have yet to see a dime. Left on the sidelines, many are wondering if they even qualify for the cash.

Fortunately for these U.S. citizens who live in foreign countries, since they already qualified for the regular stimulus payments, they should be included among those who receive the “plus-up” funds.

Like the $1,400 checks, the IRS should have either direct deposited the “plus-up” payments into a U.S. bank account or mailed them using information from the most recent tax return or Social Security retirement, or another federal benefit program. One important fact to remember is that the IRS is not able to directly deposit money into foreign bank accounts.

Finally, the IRS has reminded all U.S. taxpayers that the income levels in this third round of Economic Impact Payments have changed. This means that some people won’t be eligible for the third payment even if they received a first or second stimulus funds. To check, one can head over to the IRS “Get My Payment” tool at www.irs.gov/coronavirus/get-my-payment.

American taxpayers who earn as much as $75,000 in adjusted gross income (AGI), or couples making $150,000, qualify for the full $1,400 per individual. But an individual with an income of $80,000, or a couple with $160,000, will not be receiving any check this time around.

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.