MILLIONS in extra stimulus funds will be deposited in the bank accounts of thousands of Americans by the IRS this week, thanks to tax returns.
While the IRS continues to distribute the third round of stimulus aid, the tax agency announced it has also sent out hundreds of thousands of bonus payments to Americans.
Those bonus amounts are based on information gleaned from recently filed tax returns, meaning those who received less money than they should have during previous rounds of stimulus are being reimbursed.
And over one million Americans who never got a third stimulus check, passed under the America Rescue Plan in March, are finally getting some cash thanks to their 2020 taxes.
2.2 MILLION MORE CHECKS SENT
The IRS also said Wednesday that it has distributed 2.2 million more direct payments of up to $1,400 over the last six weeks.
That brings the total funds distributed under the America Rescue Plan up to an aggregate value of $400 billion.
The latest checks had an official payment date through July 21.
More than 900,000 of these fresh stimulus checks are what the IRS calls “plus-up” payments.
Those payments are bonus money for people who previously got third-round stimulus checks, though not the full $1,400.
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YOU COULD BE DUE MORE CASH
That may be because your stimulus check was based on your 2019 tax return, but you earned less income in 2020.
If you don’t normally file taxes and haven’t yet received any stimulus check from the last round, the IRS urges you to submit a 2020 return.
You could receive not only a relief payment but also other benefits, including the new monthly payments from this year’s expanded child tax credit.
To qualify for the child tax credit payments, families must have at least one child aged 17 or under, make $75,000 or less for single filers or $150,000 for joint filers, and live with the child being claimed as a dependent for at least six months of the year.
People who make more than the income caps will see their payments reduced by $50 for every $1,000 above limits.
Stimulus payments, meanwhile, will continue to go out on a weekly basis throughout the summer, the IRS says.