More stimulus checks of up to $1,400 are on the way. The IRS, on Wednesday, announced that it had sent the next batch of the third stimulus checks. This new set marks the eighth batch of payments since Congress approved the $1.9 trillion stimulus package in March. In this eighth batch, the majority of the […]
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May
7, 2021
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This story originally appeared on ValueWalk
More stimulus checks of up to $1,400 are on the way. The IRS, on Wednesday, announced that it had sent the next batch of the third stimulus checks. This new set marks the eighth batch of payments since Congress approved the $1.9 trillion stimulus package in March. In this eighth batch, the majority of the coronavirus stimulus checks are in paper form.
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Coronavirus stimulus checks: eighth batch on the way
On Wednesday, the IRS informed that it had sent more than 1.1 million payments this time, amounting to over $2 billion. Of this, about 600,000 payments are through direct deposit, while the rest are paper checks. Since the approval of the coronavirus stimulus package in March, the IRS has now issued about 164 million payments amounting to around $386 billion.
This eighth batch also includes a significant portion of money sent to taxpayers whose returns were only recently processed by the IRS. As per the IRS, it sent over 585,000 payments (amounting to $1.2 billion) to those on whom the agency didn’t have any record previously and who only recently filed a tax return.
Additionally, the eighth batch also includes over 570,000 “plus-up” payments, amounting to about $1 billion. The “plus-up” payments are for those who already got the stimulus check, but the IRS found them to be eligible for more money after processing their latest tax return.
The IRS started processing the latest batch of payments from Friday, but these payments will carry a payment date of May 5. Further, the agency says it will continue to issue the payment on a weekly basis.
Why is filing a tax return important?
Along with sending the stimulus payment, the IRS is also urging those who do not generally file taxes, including the homeless and rural poor, to file a return this year to get the payment. Federal beneficiaries are also being asked to file a return so that they don’t miss the dependent payment.
Moreover, the beneficiaries who missed the first two stimulus checks (of up to $1,200 and up to $600) are being asked to file the recovery rebate credit to claim their payment.
Filing taxes is important, not just for the stimulus payment. It also allows the government to assess people’s eligibility for other tax credits, such as the child tax credit or earned income tax credit.
To get an update on your payment status, you need to visit the IRS “Get My Payment” tool. As per the agency, this tool updates once a day, “usually overnight.”
To use the tool, you will have to enter your full Social Security number or tax ID number, as well as your date of birth, street address and ZIP code. The tool will show when the IRS issued the payment and the mode of payment – direct deposit or paper check.