Call the Bank Now: Two More $1400 Stimulus Checks Are Coming

Call the Bank Now: Two More $1400 Stimulus Checks Are Coming

Similar to batches eight and nine, this one also featured a sizeable number of payments that went out to recent tax filers who previously did not have the necessary information—such as an address or a bank account and routing number—on file at the IRS.

With the most recent tenth batch of coronavirus stimulus checks under the American Rescue Plan disbursed by the Internal Revenue Service and the Treasury Department, there only remains roughly 13 percent of payments yet to be sent out.

In an effort to bring down that percentage to below ten, the eleventh and twelfth batches are slated to head out to eligible Americans’ bank accounts in the coming days or weeks.

Take note that the most current tranche of 1.8 million payments boosted the total number of checks sent out over the past two months to about one hundred sixty-seven million, boasting a hefty value of $391 billion.

Similar to batches eight and nine, this one also featured a sizeable number of payments that went out to recent tax filers who previously did not have the necessary information—such as an address or a bank account and routing number—on file at the IRS.

“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. … (It 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.

Most are already aware that the May 17 Tax Day deadline has passed, but the tax agency has assured the public those eligible can still receive their missing payments. The best course of action is to apply for an extension and file by the October 15 deadline.

Also, keep in mind that the IRS announced this past weekend that more than 2.8 million refunds for 2020 unemployment benefits were issued to eligible Americans. The agency said it has already reviewed more than 3.1 million returns, and more than 2.8 million were green-lighted for refunds.

The IRS had previously stated that roughly ten million Americans likely overpaid on their unemployment taxes last year and will likely be on the receiving end of payments.

“The IRS will take steps in the spring and summer to make the appropriate change to their return, which may result in a refund,” the agency stated.

In the most recent release, the IRS noted that “taxpayers will receive letters from the IRS, generally within thirty days of the adjustment, informing them of what kind of adjustment was made (such as refund, payment of IRS debt payment or payment offset for other authorized debts) and the amount of the adjustment.”

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.