The fifth wave of stimulus checks from the Biden Administration's American Rescue Plan is arriving in bank accounts and mailboxes.

For those still waiting for the third round of stimulus checks or expecting supplemental "plus-up" payments, the IRS is processing and distributing payments every Wednesday. The most recent official payment date was Wednesday, April 14.

This latest round includes more than 320,000 payments to Veterans Affairs (VA) recipients and 72,000 payments to Social Security recipients whose checks were delayed due to bureaucratic red tape.

The IRS also processed over 700,000 plus-up payments to taxpayers who received less than they should have received. This includes those whose original Tier III stimulus checks were calculated on their 2019 tax returns, but who qualify for more relief based on their 2020 income.

Finally, nearly 850,000 people whose 2020 tax returns were recently processed received payments in this wave, although the IRS did not previously have sufficient information.

The bottom line is to file your 2020 tax return early: file your 2020 tax return early. Payments will be made as soon as the returns are processed, so the sooner you file, the sooner you will receive your check.

The IRS has pushed back the filing deadline for most individuals from April 15 to May 17 and will process returns for plus-up payments through August 16; the IRS is already facing a backlog, and if you file electronically, your return may be processed faster than sending paper forms

The IRS has already begun to process tax returns electronically.

If a payment is due but you have not received a check or direct deposit, you can use the IRS Get My Payment app to check the status.

If you believe you are eligible to receive more than you actually received under Stimulus 1 and 2, you may be able to claim the Recovery Assistance Credit on your 2020 tax return. This credit would make up the difference if you qualified for more payments based on your 2020 income than you did on your 2019 return.

To claim the credit, you must gather some documentation and use Form 1040 or Form 1040-SR, line 30. Funds can be remitted as a rebate or applied to your tax balance. If you have already filed your 2020 tax return, you may file an amended return using Form 1040-X.

Note that the IRS will not automatically send you this credit.