More $1,400 Stimulus Payments Likely Heading Out This Week
In a similar fashion that has been witnessed on a weekly basis for the past couple of months, the Internal Revenue Service and the Treasury Department will likely release another one to three million $1,400 coronavirus stimulus checks that will be part of the ninth batch of payments under the American Rescue Plan.
In a similar fashion that has been witnessed on a weekly basis for the past couple of months, the Internal Revenue Service and the Treasury Department will likely release another one to three million $1,400 coronavirus stimulus checks that will be part of the ninth batch of payments under the American Rescue Plan.
It was just last week when the agencies announced in their press release the disbursement of the eight batch, which included 1.1 million more $1,400 checks worth about $2 billion. For those who are still waiting for the payments, keep in mind that six hundred thousand were disbursed via direct deposits and five hundred thousand as paper checks or prepaid debit cards.
Those figures now have boosted the total number sent out to roughly one hundred sixty-four million—boasting a value of about $386 billion. In all, the payments represent more than 85 percent of the $450 billion total earmarked for the third round of stimulus checks under President Joe Biden’s $1.9 trillion legislation.
Like the past few batches, a hefty portion of the new checks—numbering nearly six hundred thousand—were disbursed to recent tax filers who previously did not have the necessary information on file at the tax agency. Know that for weeks, the government has been urging millions of 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.
For those who have been waiting for “plus-up” or supplemental checks for what seems like weeks, take note that the last batch included more than five hundred seventy thousand of them. Thousands more are expected to be released to taxpayers later this week.
The IRS has stated that these supplemental funds 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.”
For example, “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.”
Furthermore, be aware that if one still hasn’t received one or both of the stimulus checks from the first two rounds, they are still able to be claimed by the extended Tax Day deadline of May 17. Make sure to seek out and take advantage of the Recovery Rebate Credit that has been added to all tax returns this year.
“If you didn’t get any payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim the credit even if you don’t normally file,” states the IRS website.
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.