More than 2.3 million new stimulus checks were sent. Here’s who gets the money
Image source | DigitalVision | Getty Images
More than 2.3 million new economic checks have been sent, equivalent to over $ 4.2 billion in payments to Americans, the government said on Wednesday.
In total, more than 169 million payments worth around $ 395 billion have been made since Congress passed the US bailout law in March.
This legislation allowed payments of up to $ 1,400 per person plus $ 1,400 per eligible relative for individuals and families who fall below certain income limits and meet other requirements.
More from Personal Finance:
IRS sends refunds to 2.8 million who paid unemployment taxes
New round of stimulus checks brings in a total of 391 billion US dollars
No stimulus check yet? There is still hope
In this round, 1.1 million of the new checks – valued at more than $ 2.5 billion – were “plus-up” payments. This includes new or larger payments to individuals and families after their 2020 tax returns have been processed. To date, more than 8 million of these payments have been sent.
In addition, more than 900,000 checks – valued at approximately $ 1.9 billion – were sent to individuals who recently filed their tax returns with the IRS but had not previously put their information on record.
This latest round of payments includes more than 1.2 million direct deposit payments, with the remainder sent by check.
What to do if a payment is still missing
If you haven’t received your $ 1,400 Stimulus check – or the two previous checks for $ 1,200 or $ 600 – you can still claim the money by filing a federal tax return.
Your 2020 tax return will also show if your income has decreased since your last filing in 2019, or if you added a dependent which could potentially entitle you to additional funding.
The IRS continues to write checks every week, including “plus-up” payments to people whose previous checks were insufficient and new payments to people who were not previously on record.
A Refund Discount Credit section – line 30 of Forms 1040 or 1040-SR and a worksheet – has also been added to this year’s return to help people claim missing money from the first $ 1,200 or second $ 600 federal economic check .
People who don’t normally file tax returns, including the homeless and the rural poor, are encouraged to do so this year in order to receive their stimulus checks.
Filing a tax return also helps the IRS assess whether you might be eligible for additional funding through earned income or child tax credits. In particular, the monthly payments in connection with the improved child discount are due to start this summer.
Applicants below certain income thresholds may be eligible for free tax preparation services provided through the IRS.