In the last two weeks, about 2 million more stimulus payments have been sent out by the Internal Revenue Service (IRS), part of the American Rescue Plan COVID relief bill signed last March. Last Wednesday, the IRS informed that the disbursement would include almost 1 million "plus-up" payments, reported KHOU.
The American Rescue Plan provides a maximum of $1,400 stimulus checks to individuals who earned up to $75,000 in 2020. Couples filing jointly and earning up to $150,000 will receive $2,800.
But, all individuals with a total income of up to $80,000 and pairs earning up to $160,000 are entitled to nothing. Every dependent in the household gets a $1,400 benefit.
President Joe Biden signed the legislation last March 11, and the 1.8 million payouts sent to beneficiaries on Wednesday are the most recent batches of checks to be released. The IRS stated that the batch included approximately 900,000 payments for individuals who did not get anything from the agency as it did not have sufficient data to send the funds.
According to the IRS, more than 900,000 "plus-up" payments totaling over $1.6 billion were sent out in this batch. Because they made more money on their 2019 tax returns, some individuals might not be eligible for the payments.
But, many who lost jobs and income during 2020 will be entitled to federal support. Once these people are done filling their 2020 returns, including a notification that they lost significant earnings and have dependents, they can get the payments.
Approximately 900,000 payments were sent via direct deposits that went into their bank accounts. Those with no direct deposit accounts will be getting a paper check being mailed to them.
According to the IRS, 167 million payments worth $391 billion had already been. Many more anticipate receiving theirs in the coming weeks because the tax filing deadline of May 17 has expired.
The IRS is reminding those who have not yet gotten a stimulus payment but do not usually file taxes that they can file a 2020 tax return to receive their check or any tax credits they may be qualified for.
Essential details about getting your stimulus checks
One requirement stressed for you to get stimulus money is to file tax returns, cited CNBC. Many of those who have not filed their tax returns are the homeless and rural poor.
Social Security Administration recently issued an announcement urging recipients who skipped out after the first $1,200 or second $600 payments to apply for the recovery rebate credit.
The process of filing a tax return does assist the administration in evaluating whether you are eligible for additional stimulus money. Still, it could also help in deciding whether anyone is qualified for other tax credits like the earned income tax credit or the child tax credit.
Check the IRS website on how to claim the next round of $1,400 stimulus checks if no tax return has been filed.
