Stimulus check: payments2 billion goes out with the latest round of payments

Stimulus check: payments2 billion goes out with the latest round of payments

New stimulus checks were issued this week to more than one million Americans as the latest disbursement of funds provided by the American Rescue Plan.

The IRS has been making direct payments to eligible taxpayers every Wednesday since mid-March. These include full stimulus checks of up to $1,400 per person and "plus-up" payments to individuals and families who qualify for more funds based on their recently processed 2020 tax returns.

This latest installment, which officially began on May 5, includes 1.1 million payments totaling $2 billion; more than 585,000 initial stimulus checks were paid to people for whom the IRS did not previously have sufficient information to determine eligibility, and approximately 570,000 taxpayers received additional received an additional amount of money.

Approximately 600,000 payments were made by direct deposit, with the remainder mailed as paper checks.

The American Rescue Plan (the Biden administration's stimulus package passed earlier this spring) provides taxpayers up to $75,000 ($150,000 for married filing jointly) with $1,400 per individual and each dependent, $80,000 (for married filing jointly) pro-rated stimulus payments were provided to taxpayers up to $160,000.

If you have not yet received your stimulus check3 but believe you qualify, you can get in line by filing your 2020 tax return The IRS issues checks and processes returns weekly. The filing deadline for most taxpayers is May 17.

There are several ways to get free assistance with your tax return. Those with income up to $72,000 can take advantage of the IRS's Free File partners, who will help them with the process and file their state tax returns. In addition, those with incomes of $57,000 or less may qualify for more substantial free tax return preparation assistance through the Volunteer Income Tax Assistance program.

Taxpayers with more than $72,000 can e-file using the IRS's free fillable forms, which provide no special guidance.

They may also use their 2020 return to claim the Recovery Rebate Credit for additional funds they may have received under Stimulus Package 1 and 2 if they qualify based on 2020 income rather than 2019 income.

Once you receive the payment, you will receive a letter from President Biden notifying you of the amount and method of payment. This may seem redundant, but do not tear or throw it away. This is an official IRS tax notice, which you may need for next tax season or to prove that you deserve more stimulus money than you received.

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