ONE MILLION ADDITIONAL STIMULUS CHECKS
One million additional stimulus checks. The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service stated that they have distributed nearly one million payments in nine batches of Economic Impact Payments from the American Rescue Plan. The announcement brings the total distributed so far to approximately 165 million payments, with a total value of approximately $388 billion, since these payments began rolling out to Americans in batches as announced on March 12, 2021. The ninth batch of payments began May 7, with an official payment date of May 12, with some people receiving direct payments in their accounts as provisional deposits. One million additional stimulus checks.
In total, this last batch includes more than 960,000 payments with a value of more than $1.8 billion. More than 500,000 payments, with a value of over $1 billion, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment, but who recently filed a tax return. This batch also includes additional ongoing supplemental payments for people who earlier this year 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. This batch included more than 460,000 of these “plus up” payments, with a value of more than $800 million. In all, the IRS has made more than 6 million of these supplemental payments this year.
Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitles to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Credit. Filing a 2020 tax return will also assist the IRS in determining whether someone is eligible for an advance payment of the 2021 Child Tax Credit.