The United States of America’s Internal Revenue Service (IRS) has disclosed that the Biden administration has given more than 4 million more stimulus checks have this week as part of the third batch of payments.
This, IRS added brought the total number of COVID-19 stimulus for US citizenry to 130 million.
In a statement, IRS said: “This batch includes the first of ongoing supplemental payments for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns.”
Yahoo Finance reports that the people who received a ‘plus-up payment this week were likely in a situation in which their 2020 income was lower than their 2019 income and are now eligible for a bigger payment or had a baby or a dependent added to their 2020 return that qualified them for a bigger payment
Additionally, as part of the third batch, the IRS sends payments to people who previously didn’t have banking information on file but have now provided the information in their most recent tax return. The ‘plus-up payments, as well as payments for people whose banking information was recently provided to the IRS, will continue as the IRS processes their 2019 and 2020 tax returns.
Starting Friday, payments will be distributed to Social Security recipients and other federal beneficiaries who did not file their 2019 or 2020 taxes or did not use the IRS ‘Non-Filer’ tool for direct payments. The IRS received data about the federal benefits recipients last Thursday after a delay which Democratic lawmakers allege was caused by Social Security Commissioner Andrew Saul, an appointee of former President Donald Trump.
The 130 million payments disbursed so far are worth $335 billion, which is more than 74% of the $450 billion earmarked for stimulus payments.
More batches of payments will be issued in the coming weeks as direct deposits, mailed checks, and prepaid debit cards. The majority of the third round of stimulus checks will be directly deposited in Americans’ bank accounts.
This round is $1,400 per eligible individual plus a $1,400 bonus per dependent. Around 158.5 million households are expected to receive a payment under the new stimulus deal, according to the White House.
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Here’s what you need to know about the third round of stimulus checks.
The third round of direct payments includes $1,400 per eligible individual plus a $1,400 bonus per dependent. Around 158.5 million households are expected to receive a payment.
A single filer making up to $75,000 will receive the full payment, while those earning up to $80,000 will get a reduced amount. Joint filers making up to $150,000 will get the full $2,800, while those earning up to $160,000 will receive a smaller amount. Previously, the phase-out thresholds were $100,000 for single filers and $200,000 for joint filers in the House version.
Eligibility will be based on your most recent tax return and your adjusted gross income. For the third round of checks, the IRS will use your 2019 or 2020 tax return to determine if you qualify for the direct payment.
Social Security beneficiaries, Disability Insurance beneficiaries, Supplemental Security Income recipients, Railroad Retirement Board beneficiaries, and Veterans Administration beneficiaries all are eligible for the payment even if they didn’t file a 2019 or 2020 tax return.
Eligible taxpayers who used the IRS Non-Filer tool for the first round of checks will be treated as providing returns and will also receive payments.
Additionally, Americans who qualify for the stimulus payment and have dependents will get an additional $1,400 per dependent. The bonus can be claimed for college students, disabled adults, and other adults who are dependents. Previously, parents or guardians could only claim the bonus for child dependents under 17.
Deceased people may also receive a payment. Checks will go to all eligible taxpayers who were alive as of Jan. 1, 2021.
