Check Your Bank Balance: New $1,400 Stimulus Checks Are Set to Drop
The Internal Revenue Service and the Treasury Department are gearing up to release millions more $1,400 coronavirus stimulus checks to eligible taxpayers under President Joe Biden’s American Rescue Plan.
The Internal Revenue Service and the Treasury Department are gearing up to release millions more $1,400 coronavirus stimulus checks to eligible taxpayers under President Joe Biden’s American Rescue Plan.
It appears that the tenth and perhaps even the eleventh batches of stimulus will be heading into bank accounts of Americans in the coming weeks. The latest ninth batch—sent out a week and a half ago—lifted the total number of checks disbursed to date to roughly one hundred sixty-five million with a value of $388 billion.
However, do take note that only about 14 percent of the $450 billion total earmarked for the current third round of stimulus have yet to be direct deposited or mailed out.
Keep in mind that once again for this particular batch, the majority of the new payments—about five hundred thousand—went to recent tax filers who previously did not have the necessary information on file at the tax agency.
“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,” the IRS said.
“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,” it added.
Be aware that the batch also heavily targeted individuals who qualify for the so-called “plus-up” or supplemental checks. The IRS included four hundred sixty thousand of such payments.
Per the agency, these checks 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. … (They) 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 to date already has disbursed more than six million of these supplemental payments.
For those who are still waiting for their stimulus, know that they can check on their payment status by using the IRS “Get My Payment” tool at www.irs.gov/coronavirus/get-my-payment.
Some people, however, will receive a message that says, “Payment Status Not Available.” “If you get this message, either we have not yet processed your payment, or you are not eligible for a payment,” the IRS states. “We will continue to send the 2021 Economic Impact Payment to eligible individuals throughout 2021.”
Other individuals will get a “Need More Information” message, which means that the check was returned to the IRS because the post office was unable to deliver it.
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.