The Internal Revenue Service declared its dissemination of the third batch of stimulus checks from the most recent COVID-19 relief package. Alongside the Treasury Department and the Bureau of Fiscal Service, the agency stated in a release the new series will provide over $10 billion in over 4 million payments, including direct deposit and paper check payments.
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According to the IRS, stimulus checks have started arriving in bank accounts. It added the initial stimulus checks for Social Security and other federal beneficiaries who did not file 2019 or 2020 tax returns will be processed starting Friday and arrive next week. Four million stimulus checks had been transferred last week. On Wednesday, about half should have appeared in bank accounts through direct deposit.
The new assortment of stimulus checks will bring the total amount distributed to over $335 billion in over 130 million payments. This payment cluster started processing on Friday, with the official payment date being Wednesday. However, the agencies noted many people received their stimulus checks earlier as "provisional or pending deposits," reported MSN.
The initial two series of payments started processing on March 12 and March 19, mostly to taxpayers who were qualified and filed 2019 or 2020 returns. The new series of stimulus checks will include checks and deposits for those who received their payment based on 2019 tax returns but are eligible for more money under their 2020 return, reported The Hill.
The rest of the stimulus checks last week were mailed as a prepaid debit card or paper check, so people waiting on their money should closely check their mail. That brings the total number of stimulus checks sent out to 130 million since the American Rescue Plan was signed on March 11.
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Individuals would be qualified for more money if, for example, their income diminished within the required threshold or they had a new child in 2020. The payments will also be sent to those who the IRS did not initially have information about but have since filed their 2020 tax return and were deemed eligible.
This new series also includes the initial group of supplemental payments for people who may have gotten a partial payment in March based on their 2019 tax returns but are due more to an income change reported on their 2020 tax returns. According to the IRS, such "plus-up" payments could involve a situation where a person's income dropped in 2020 in contrast to 2019, or a person had a new child or dependent on their 2020 tax return, and other conditions, reported CBS19.
The IRS declared that payments for individuals who are eligible for more money or who the IRS did not initially have information would continue weekly as tax returns are processed. This Friday, the IRS stated Social Security and other federal beneficiaries who did not file tax returns or use the IRS' Non-Filers tool in 2020 would begin receiving payments.
Those eligible for a third stimulus check are Americans who made up to $75,000 in 2020. They will receive the full $1,400 check. Couples who file taxes jointly and earn up to $150,000 will receive $2,800.
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