The Internal Revenue Service (IRS) continues to send third stimulus check payments to people who recently filed a tax return and to taxpayers who received an initial payment from the agency but are creditor of extra funds for an adjustment between the 2019 and that of the 2020 (plus-up) .
The above are the two groups that the IRS focuses on regarding the processing of so-called “Economic Impact Payments.”
Se expect the IRS to continue issuing payments to these individuals for the next several weeks.
On 12 last March, the office scheduled the first deliveries of the third stimulus check approved under the “American rescue plan” of the Biden Administration.
IRS has disbursed 172 million third stimulus check payments
Since that date, the IRS has disbursed sado 172 million payments for a value of approximately $ 400 billion dollars.
In the past four weeks, the IRS processed 2.2 million stimulus checks equivalent to $ 4 billion.
“Almost 1.3 million payments, with a value of approximately $ 2.6 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 ”, detailed the entity.
IRS continues to send “plus-up” payments
Regarding “plus-up” or supplemental payments, 900, 000 were shipped in the past four weeks, representing $ 1.6 billion
“In total, the IRS has made more than 9 million of these supplemental payments this year for a total of approximately $ 18. 5 billion ”, expanded the IRS.
Additional payments are due to taxpayers who were issued the payment based on the tax return of 2019, but the IRS received later this year and had to make an amount adjustment based on the difference in income between the two documents.
“This lot includes the first of the supplementary payments in progress for people who received payments in early March based on their tax returns of 2019, but are eligible for a new or higher payment based on their recently processed tax returns of 2020. These ‘additional’ payments could include a situation where a person’s income was reduced by 2020 compared to 2019 , or a person had a new child or dependent on their tax return for 2020, and other situations, “the agency explained in a statement in early April when it began to process the “plus-up” payments.
The agency has until 31 of next December to distribute all the payments of the third round, as provided by law.
IRS will continue to issue third round stimulus checks weekly
The IRS will continue to make third round stimulus check payments weekly. “Ongoing payments will be sent to eligible individuals for whom the IRS did not have information to issue a payment but who recently filed a tax return, as well as to individuals who qualify for additional ‘plus-up’ payments,” recalled the agency in a press entry this week.