Check Your Bank Account: 2,000,000 New Stimulus Checks Just Went Out
With this newest batch, the total number disbursed to date is now approximately one hundred sixty-three million, valued at about $384 billion. The figures to date represent more than 85 percent of the $450 billion total earmarked for stimulus funds.
The Internal Revenue Service and the Treasury Department have confirmed that about two million more $1,400 coronavirus stimulus checks have been issued as part of the seventh batch of payments under the American Rescue Plan.
With this newest batch, the total number disbursed to date is now approximately one hundred sixty-three million, valued at about $384 billion. The figures to date represent more than 85 percent of the $450 billion total earmarked for stimulus funds.
Of the two million payments, roughly 1.1 million were sent out via direct deposits and about eight hundred fifty thousand as paper checks or prepaid debit cards.
The majority of the new payments, numbering more than 1.2 million, were sent to recent tax filers who previously did not have the necessary information on file at the IRS. For weeks, the federal government has been urging Americans who do not receive federal benefits or typically file tax returns to submit one as soon as possible in order to provide their payment information to receive the stimulus cash.
There is also good news for those who have been patiently waiting for “plus-up” or supplemental checks, as the seventh batch included nearly seven hundred thirty thousand of them.
According to the IRS, these payments 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.”
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.”
It has been estimated that the agency will ultimately send out about $1.2 billion worth of “plus-up” payments to Americans in the coming weeks.
The IRS has also reminded U.S. taxpayers that the income levels for this third round of Economic Impact Payments have changed, meaning that some individuals will not be eligible for the payment even if they received a first or second stimulus check.
According to the $1.9 trillion legislation, those who earn as much as $75,000 in adjusted gross income, or couples making $150,000—in addition to their children or adult dependents—qualify for the full $1,400 per person. Moreover, single parents with at least one dependent who earn $112,500 or less also get the full amount.
Keep in mind that the payments, though, 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 receive a check this time around.
Those who are still wondering when the payment will arrive, know that they can always log on to the IRS “Get My Payment” tool at www.irs.gov/coronavirus/get-my-payment.
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.