Stimulus checks: 4 million more payments sent in latest round, IRS says
According to the Internal Revenue Service (IRS), more than 4 million more stimulus checks have been paid out under the third batch of payments this week, bringing the total to 130 million.
"This batch contains the first ongoing supplement for people who received payments based on their 2019 tax return in early March but are eligible for a new or larger payment based on their recently processed 2020 tax return," said an IRS statement Thursday.
Those who received a top-up payment this week were likely in a situation where their 2020 income was lower than their 2019 income and they are now entitled to a higher payment, or a baby or dependent on their returns added for 2020 she qualified for a larger payment.
Scroll to continue with the content
Virtual Microsoft security training
Attend our free event and learn how to navigate a new era of digital security for your business.
Stimulus Check: US Government Check, Payment
Additionally, as part of the third batch, the IRS will send payments to people who previously had no banking information on file but now included it on their most recent tax return. The "plus-up" payments, as well as payments for individuals whose bank details were recently made available to the IRS, will continue while the IRS processes its 2019 and 2020 tax returns.
Starting Friday, payments will be distributed to Social Security beneficiaries and other federal beneficiaries who did not file their 2019 or 2020 taxes or who did not use the IRS Non-Filer tool to make direct payments. The IRS received data on federal benefit recipients last Thursday after a delay caused, according to Democratic legislature, by Andrew Saul, the social security commissioner, an appointee for former President Donald Trump.
The 130 million payments made so far are valued at $ 335 billion, representing more than 74% of the $ 450 billion earmarked for stimulus payments.
Additional batches of payments will be issued in the coming weeks as direct deposits, checks sent by post and prepaid debit cards. Most of the third round of stimulus checks will be deposited directly into Americans' bank accounts.
This round costs $ 1,400 per eligible person plus a $ 1,400 bonus per dependent. Around 158.5 million households are expected to receive a payment under the new economic agreement, according to the White House.
Here's what you need to know about the third round of stimulus testing:
Who gets a stimulus check?
The third round of direct payments includes $ 1,400 per eligible person plus a bonus of $ 1,400 per dependent. Around 158.5 million households are expected to receive a payment.
A single filer who earns up to $ 75,000 will receive full payment, while those who earn up to $ 80,000 will receive a reduced amount. Shared filers that earn up to $ 150,000 will receive the full $ 2,800, while those making up to $ 160,000 will receive a lesser amount. Previously, the exit thresholds were USD 100,000 for single applicants and USD 200,000 for joint applicants in the house version.
Eligibility is based on your most recent tax return and your adjusted gross income. For the third round of checks, the IRS will use your 2019 or 2020 tax return to determine if you qualify for the direct payment.
Social Security Beneficiaries, Disability Insurance Beneficiaries, Supplementary Security Income Beneficiaries, Railroad Retirement Board Beneficiaries, and Veterans of the Veterans Administration are eligible for payment even if they have not filed a 2019 or 2020 tax return.
Eligible taxpayers who used the IRS non-filer tool for the first round of checks will be treated as tax returns and will also receive payments.
In addition, Americans who qualify for the stimulus payment and have loved ones will receive an additional $ 1,400 per loved one. The bonus can be claimed for students, disabled adults, and other dependent adults. Previously, parents or legal guardians could only claim the bonus for dependent children under the age of 17.
The deceased can also receive payment. Checks are made to all eligible taxpayers who were alive on January 1, 2021.
United States President Joe Biden prepares with Vice President Kamala Harris to sign the American rescue plan on March 11, 2021 in the Oval Office of the White House in Washington, DC. (Photo by MANDEL NGAN / AFP via Getty Images)
Who doesn't get a check?
Individuals without a Social Security number and non-resident aliens - those who are not US citizens or US nationals and who do not have a green card or who have failed the Essential Attendance Test - are not eligible for direct payment.
Married taxpayers who jointly file when one spouse has a Social Security number and the other does not receive a payment of $ 1,400 in addition to $ 1,400 for each child with a Social Security number.
Taxpayers with individual tax identification numbers (ITIN) are not entitled to payments.
How will the government send you the stimulus check?
The IRS uses the direct deposit information you provided from the taxes you filed for 2019 or 2020.
You may be able to use the IRS non-filer tool to provide your information as you did the first round. However, so far the IRS has not announced whether this tool will be available when this stimulus bill is passed.
The tool was intended for eligible U.S. citizens or permanent residents who had gross income less than $ 12,200 in 2019 ($ 24,400 for married couples) and who did not need to file a federal tax return for 2019.
If you did not provide direct deposit information or the account provided is now closed, the IRS will send you a check or prepaid debit card instead.
If you haven't received a payment and believe you are eligible or have received the wrong amount, you can claim it on your 2021 tax return.
How can I track my payment?
Americans can now check the status of their third stimulus check using the IRS 'Get My Payment online tracking tool.
The tool enables Americans to meet the scheduled payment date for a direct deposit or a mail payment. It's an online app that works on desktops, phones, and tablets and doesn't need to be downloaded from an app store. To use the tool, you need to provide basic information:
Social security number or individual tax number (ITIN)
Date of birth
The tracking tool no longer shows the status of the first or second round of stimulus checks - the payment of $ 1,200 under the CARES Act and the payments of $ 600 under the December stimulus deal of 900 Billion USD. To find out the status of these previous rounds, you will need to create an account.
If your payment is being delivered by direct deposit, the tool will indicate when the direct deposit is expected or when it was delivered along with the bank account it was received on.
If you get a "Payment Status Not Available" message, the IRS may not have processed your payment or you may not be eligible for a payment.
The Yahoo Money sister site Cashay has a weekly newsletter.
Do I get the dependent bonus for a newborn?
If you had a baby in 2021 and meet the remaining eligibility criteria, you can claim the additional $ 1,400 per child when you file your taxes for 2021.
If you had a child in 2020 and your return has been processed you should automatically receive the additional payment. If you have not yet submitted your 2020 taxes or they have not yet been processed by the IRS at the time of payment, you can claim the contingent bonus on your 2021 taxes
Do you have to repay the stimulus check?
No, you don't have to pay it back. It also doesn't reduce the refund you would otherwise get.
"No, there is no provision in the law that requires a payment to be repaid for economic impact," the IRS website said of the first round of checks.
If your income was down in 2020 compared to 2019, you may be eligible for the payment or a higher payment if you have already filed your taxes and have been processed by the IRS.
If your 2020 income is too much for your payment and you have not yet filed your 2020 taxes, you will not be responsible for paying back the difference.
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova
Stock market highs, booming real estate, and millions of unemployed: A story of two Americas amid the coronavirus pandemic
Senate passes Biden's $ 1.9 trillion bailout package, including $ 1,400 stimulus checks
Jobs are not recovering for black Americans - and it could be worse than reported
Read more personal financial information, news, and tips on Cashayhttps: //cashay.com/
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube and Reddit.
Mention your own website in this post for Advertisement
Sweden's COVID infections among highest in Europe, with 'no sign of decrease'
Queen returns to royal duties four days after Prince Philip's death
My wife offered to ‘loan’ me money when I was having financial trouble. I now make six figures — and she refuses to pay any bills
2022 Nissan GT-R NISMO Special Edition Looks Tough in Stealth Gray
'Who Would Buy This?' Jimmy Kimmel Shows Off MyPillow Guy's Weird New Merch
Monthly Payments of the 2021 Child Tax Credit Will Begin in July