But also know that there are other related payments green-lighted in the stimulus bill that are continuing to head out to financially assist eligible Americans.
One of the more talked about cash windfall is from the so-called “plus-up” or supplemental checks, of which more than one million were issued as part of the latest eleventh batch of stimulus checks.
These particular top-off funds, according to the IRS, are for taxpayers “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 checks “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 agency added.
In all, the IRS has confirmed that more than eight million such payments have been sent out this year.
For those who are still sitting on the sidelines, take note that these checks will continue to roll out on a weekly basis throughout the summer.
Also, be aware that there are other potentially sizeable payments that are heading into the pocketbooks of Americans. One is from the tax refunds from 2020 unemployment benefits, which through Biden’s legislation was able to waive federal tax on up to $10,200 of unemployment benefits—or $20,400 for married couples filing jointly—that were received by taxpayers last year.
Earlier this month, the tax agency began sending out nearly three million refunds to eligible individuals. “The IRS plans to issue the next set of refunds in mid-June,” the agency says. “The review of returns and processing corrections will continue during the summer as the IRS continues to review the simplest returns and then turns to more complex returns.”
The IRS has estimated that about ten million Americans likely overpaid on their unemployment taxes last year.
Furthermore, beginning July 15, know that recurring monthly payments will start for nearly forty million American families. These direct cash payments are from the expanded child tax credits, which allow eligible parents to collect as much as $3,600 per year for a child under the age of 6 and up to $3,000 for children between ages 6 and 17. Since half of the total will be dispersed as advance payments throughout this year, that would mean a $250 or a $300 direct cash payment for each child will be deposited into the bank accounts of parents every month.
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.