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The Internal Revenue Service (IRS) continues to process third stimulus check payments of $ 1,400 to eligible individuals for whom you previously did not have information to issue a payment, but who recently filed a tax return; as well as taxpayers who qualify for additional payments.
In the most recent press release on May 26, the agency specified that will continue to make Economic Impact Payments on a weekly basis, so it is expected that the next week starting on June 7, Americans in the two groups mentioned above will receive money as part of the third round.
On May 26, the IRS announced the disbursement of more than 1.8 million checks corresponding to the third round. That amount covered the previous two weeks.
167 million total payments for third stimulus check
With those shipments, there are already about 167 million payments processed by the IRS for a total value of about $ 391 billion since these payments began being distributed to Americans in batches on March 12.
The third stimulus check was approved as part of the “American Rescue Plan” of the Biden Administration.
IRS focuses on additional payments or “plus-up”
The vast majority of the third round payments have already been released by the IRS. However, there are cases that require special attention such as “additional” or “plus-up”.
People who received a lower down payment in early March have been receiving additional money from the IRS since April.
In this line fall, for example, taxpayers who were issued the payment based on the 2019 tax return, but the IRS received later this year and had to make a payment adjustment based on the difference in income. between both documents.
“This batch includes the first of the ongoing supplemental payments for people who received payments based on their 2019 tax returns in early March, but are eligible for a new or higher payment based on their recently processed tax returns. 2020. These ‘additional’ payments could include a situation where a person’s income was reduced in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations ” the agency said in a statement on its website.
In the two weeks leading up to May 26, the agency had processed more than 900,000 of these additional payments, worth more than $ 1.6 billion. In total, the IRS has issued about 7 million supplemental payments since April.
It is not clear when the IRS will complete these shipments, but the entity has until December 31 to distribute all of the stimulus checks of the third law.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.