$1,400 Stimulus Checks Just Hit Millions of More Bank Accounts

Stimulus Check

$1,400 Stimulus Checks Just Hit Millions of More Bank Accounts

The Internal Revenue Service has confirmed in its most up-to-date news release on Thursday that the sixth batch of $1,400 stimulus checks has been disbursed to U.S. taxpayers under the American Rescue Plan.

The Internal Revenue Service has confirmed in its most up-to-date news release on Thursday that the sixth batch of $1,400 stimulus checks has been disbursed to U.S. taxpayers under the American Rescue Plan.

Including the latest batch of two million payments with a value of nearly $3.4 billion, a total of one hundred sixty-one million checks worth more than $379 billion have been sent out to date.

Of the newest payments, about nine hundred thousand were issued via direct deposit, while nearly 1.1 million were disbursed via paper checks with the postal service.

“The IRS continues to send the third round of stimulus payments in record time,” IRS Commissioner Chuck Rettig said in a statement.

The figures now represent more than 85 percent of the $450 billion total earmarked for stimulus funds.

The newest recipients of the payments include individuals whom the IRS did not previously have on record. After processing their 2020 tax returns, roughly seven hundred thousand checks worth more than $1.3 billion were sent out those who fit into this category.

Another seven hundred thousand “plus-up” or supplemental checks were issued along with this round as well.

“This batch includes the first of ongoing supplemental payments 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.

It added: “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 IRS has estimated that it will ultimately send out more than $1.2 billion in “plus-up” payments.

Much-needed cash for federal beneficiaries were disbursed as well—about six hundred thousand payments to Social Security and Supplemental Security Income beneficiaries, including those individuals with foreign addresses.

The IRS has reminded taxpayers that the income levels in this new round of Economic Impact Payments have changed. This means that some individuals won’t be eligible for the third payment even if they received a first or second stimulus check.

Those who earn as much as $75,000 in adjusted gross income (AGI), or couples making $150,000—in addition to their children or adult dependents—qualify for the full $1,400 per individual.

The payments, however, phase out much more quickly than in previous rounds—an individual with an income of $80,000, or a couple with $160,000, will not be receiving any check.

After confirming eligibility, one can head over to the IRS “Get My Payment” tool at www.irs.gov/coronavirus/get-my-payment to check the payment status. To use it, one will just need to enter his or her full Social Security or tax ID number, date of birth, street address, and ZIP code.

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.