Here's What You Need to Remember: The IRS continues to remind U.S. taxpayers that the income levels for this third round of Economic Impact Payments have somewhat changed—meaning that some people will not be eligible for the payment even if they received a first or second stimulus check.
The Internal Revenue Service and the Treasury Department have announced in their latest press release that nearly two million more $1,400 coronavirus stimulus checks have been disbursed as part of the seventh batch of payments under President Joe Biden’s $1.9 trillion American Rescue Plan.
The newest batch boosts the total number of checks sent out to approximately one hundred sixty-three million—valued at about $384 billion—representing more than 85 percent of the $450 billion total earmarked for stimulus funds.
One of the more notable facts about this particular batch is that nearly seven hundred thirty thousand “plus-up” or supplemental checks were included to further help cash-strapped Americans.
These payments, according to the IRS, aim to target “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.”
The agency continued: “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.”
The latest estimates say that the IRS will ultimately deliver $1.2 billion worth of “plus-up” payments to U.S. taxpayers in the coming weeks.
Take note that many of these extra payments should already have landed in eligible bank accounts, but if not, the IRS has assured Americans that these checks will continue to be disbursed on a weekly basis going forward. Be aware that since Tax Day now has been extended to May 17, the deliveries of “plus-up” payments could stretch on for weeks.
Know that the majority of the new payments from the seventh batch were sent to recent tax filers who previously did not have the necessary information on file at the IRS. The federal government for the past several weeks has been urging Americans who do not receive federal benefits or typically file tax returns to submit one immediately in order to provide their payment information to receive the stimulus cash.
Moreover, the IRS continues to remind U.S. taxpayers that the income levels for this third round of Economic Impact Payments have somewhat changed—meaning that some people will not be eligible for the payment even if they received a first or second stimulus check. Those who earn as much as $75,000 in adjusted gross income, or couples making $150,000, are eligible for the full $1,400 per person.
For those who have been forced to sit on the sidelines for this round of stimulus payments and would like any status update, know that they can always log on to the IRS “Get My Payment” tool.
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. This article first appeared earlier this year.