The Internal Revenue Service and the Treasury Department have announced that nearly one million more $1,400 coronavirus stimulus checks have been issued as part of the ninth batch of payments under President Joe Biden’s $1.9 trillion American Rescue Plan.
With this newest batch, the total figure sent out to date is now approximately one hundred sixty-five million with a value of $388 billion. They now represent more than 86 percent of the $450 billion total earmarked for the current third round of stimulus funds.
As for when those who are eligible can expect to receive the funds, keep in mind that the ninth batch began processing on Friday, May 7, with an official payment date of May 12. There have been reports that some individuals have received their checks earlier if direct deposit was an option.
The press release further revealed that out of the nearly one million payments worth $1.8 billion, roughly five hundred thousand were disbursed via direct deposits and the remainder as paper checks or prepaid debit cards.
Once again, a large portion of the new payments, numbering about five hundred thousand, targeted 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 funds.
“Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit. Filing a 2020 tax return will also assist the IRS in determining whether someone is eligible for an advance payment of the 2021 Child Tax Credit, which will begin to be disbursed this summer,” the IRS stated.
“For example, some federal benefits recipients may need to file a 2020 tax return—even if they don’t usually file—to provide information the IRS needs to send payments for a qualifying dependent. Eligible individuals in this group should file a 2020 tax return as quickly as possible to be considered for an additional payment for their qualifying dependents,” it added.
There is also positive news for those who have been patiently waiting for the so-called “plus-up” or supplemental checks—as the ninth batch included four hundred sixty 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. … 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.”
In all, the agency has made more than six million of these supplemental payments this year.
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.