The American Rescue Plan Act made most Americans eligible for a $1,400 stimulus check when it passed into law and was signed by President Joe Biden in March of 2021. Some people, however, are still waiting for that money. And a huge number of Americans have received some of their stimulus payments into their bank accounts, but not all of it.
The IRS is working to reach those people who haven’t yet been paid, and is still steadily sending out checks.
In fact, the agency is both distributing full payments to people who haven’t gotten any stimulus money yet, as well as sending additional “plus-up” payments to people who were short-changed. And just last week, the agency made some good progress with the distribution of millions of payments to those who are still awaiting their government money.
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IRS sends out millions stimulus of payments
The IRS indicated that last week the agency sent an estimated 2.3 million additional stimulus checks including:
- 900,000 payments to people who had only recently provided the IRS with the information necessary to receive any money.
- 1.1 million “plus-up” payments to individuals who had received partial payments but who were entitled to more money than they’d been sent.
The IRS was able to find the information for the 900,000 initial checks — as well as determine who was entitled to plus-up payments — because many people recently filed tax returns.
See, the agency is relying on tax return data to distribute the $1,400 checks. But unfortunately, not everyone had recently filed a return — especially as the tax deadline for 2020 was delayed.
The good news is, those who filed returns in 2020 who hadn’t done so in recent years are now seeing their returns processed. That means the IRS can begin sending them their payments, now that it has their correct details — including their contact info and bank account or address. Of the money sent out last week, a total of 1.2 million of the payments were made via direct deposit and another 1.1 million were mailed paper checks.
If you haven’t yet received your full stimulus payment and you only recently submitted your tax return, you may be among the group who was sent a deposit or paper check last week — or you may get your money in upcoming distributions as the IRS slowly works through its backlog of 2020 tax returns.
Unfortunately, for the millions of Americans who already got their full payments, there’s likely no additional stimulus money coming soon as the chances of a fourth check are low. The Biden administration has moved on to other priorities, and there’s no bipartisan support for a fourth check so it’s unlikely one could make it to the president’s desk.
Still, it’s a good idea to watch your bank account if you have children. That’s because expanded Child Tax Credits should begin for eligible parents in mid-July. These payments will mean more money coming into your bank account as a monthly deposit — as much as $300 per month for parents of kids under six or $250 per month for parents with older kids.
For non-parents, though, looking into other sources of aid may be best since additional stimulus money probably won’t be forthcoming — unless you’re one of the many still awaiting some or all of your third check.
View more information: https://www.fool.com/the-ascent/personal-finance/articles/stimulus-check-update-more-than-23-million-additional-stimulus-payments-distributed-last-week/