Almost 1.1 million further stimulus checks have been sent out this week. This marks the latest group of payments, as per the reports of the IRS. The latest batch brings the total tally of the third payment of stimulus checks to 164 million. The count includes the add-on or “plus-up” payments for the previous stimulus checks as well.
This number of checks that have been issued thus far has an approximate worth of $386 billion. This accounts for nearly 86% of the amount set aside for relief payments, which is $450 billion. The IRS gave the numbers in a report for the press on Wednesday.
Nearly 585,000 checks have been issued for those individuals whose information the IRS did not previously have. It was primarily because thus far, they were never required to file their tax returns. However, by having done so recently the tax agency has the required information.
The latest batch is the eighth one. Furthermore, it also includes over 570,000 payments that are “plus-ups”. This is for those whose third round of stimulus check was calculated on the basis of their tax return for 2019. As such, after filing the one for 2020, they became eligible for a larger amount. The case is usually for those whose income in 2020 turned out to be lower than in 2019. A similar situation is for those who welcomed a newborn or added a dependent in their return for 2020. Both of these cases would qualify an individual for additional amounts.
Approximately 600000 payments were deposited directly into the bank accounts of Americans. The remaining stimulus payments were either sent in the form of paper checks by mail or debit cards that are prepaid.
This third round is worth a maximum of $1400 for an individual and a further $1400 for each dependent. About 158.5 million families fall under the purview of the third stimulus payment, as per the expectation and clarifications of the newest stimulus deal. However, the White House has confirmed that this tally does not include the amount of “plus-ups”.
Who Is Eligible For The Stimulus Checks?
The latest round of relief has a pay-out of $1400 for each eligible individual along with another $1400 for every dependent. As such, it is expected that about 158.5 million families will receive the payment.
An individual filer who earns a maximum of $75000 will be paid the complete amount. Those whose income is a maximum of $80000 will receive a decreased amount. Married filers whose maximum income is $150000 will receive the complete $2800. However, those whose income is $160000 will be getting a reduced amount.
Earlier on, the thresholds for phasing-out were $100000 for individual filers, and for couple filers, it was $200000 in the version of the House.
Eligibility for the stimulus checks will depend on the most recent return for taxes filed as well as the adjusted gross income. In this third group of relief checks, the Internal Revenue Service will use either your 2020 or your 2019 return for the tax to find out whether you meet the qualifications for the relief payment.
Beneficiaries of Social Security, beneficiaries of Disability Insurance, Recipients of Supplemental Security Income, beneficiaries of the Board of Railroad Retirement, as well as beneficiaries of Veteran Affairs are all qualified for economic relief. They qualify regardless of the fact of whether filed either of their 2020 or 2019 tax return.
Taxpayers who are eligible and have made use of the tool for Non-filers by the IRS for the very first stimulus checks are going to have the treatment equal to filing returns. Thus, they also will get the payments.
Furthermore, qualified Americans having dependents will receive a bonus amount of $1400 for every dependent. This bonus is claimable by college students, adults who are disabled, as well as any other dependent adults. Earlier on, guardians or parents could only file a claim for the bonus if they had a child dependent younger than 17.
People who have passed away might also get a stimulus payment. The checks are going to every eligible taxpayer who was alive on 1st January of the current year.
Who Does Not Qualify For The Stimulus Checks?
Individuals who do not have a number from Social Security and non-resident aliens are outside the purview of the direct relief payments. Non-resident aliens refer to those who are not citizens of the United States or nationals of the United States. This means those who neither possess the green card nor have passed the test for substantial presence.
Married couples who file their taxes jointly wherein one of the spouses has their number from Social Security while the other does not, will receive only one $1400 relief payment. Additionally, they will receive $1400 for each child that has a number from Social Security.
Taxpayers that only have an ITIN (Individual Taxpayer Identification Number) do not qualify for these stimulus checks.
How Will The Stimulus Checks Be Sent By The Government?
The Internal Revenue Service will be getting the information required for directly depositing the amount from your filed tax returns for 2020 or 2019. You may make use of the tool for Non-Filers by the IRS to provide the information, similar to the very first round. However, there have been no announcements from the IRS regarding the tool’s availability after the passing of the current stimulus bill.
Permanent residents or United States citizens who were eligible were able to use the tool. The qualification criterion was to have their AGI under $12,200 (for joint filers the value was $24400) for 2019. As such, they were not needed to file their federal return for taxes in 2019.
If you do not have any information regarding direct deposits on the IRS file, or the provided account has now been closed, the tax agency will send you the stimulus checks via post. A debit card that is pre-paid can be sent instead as well. If no payments have been received or there has been a mistake in the amount received, you can claim the missing amount in your tax return for 2021.
How Can The Payment Be Tracked?
American citizens can presently check their latest stimulus checks’ status through the online “Get My Payment” tool from the IRS for tracking.
The tool enables Americans to keep an eye on the payment date scheduled for both a mailed payment or direct deposit. It is an application on the internet that is compatible with tablets, desktops, and phones. You do not have to download the app from any app store either. All you need is some basic information: your mailing address, your birthdate, and your ITIN or number from Social Security.
The first two rounds of stimulus checks’ status will not be displayed on the app any longer. If the payment is going to be deposited directly, the tool will tell you the expected timeframe, or the time it was delivered with all the details of the bank account associated.
