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Tuesday, September 27, 2022

Stimulus Check News: Who Is Eligible For $1.6 Billion In Checks?

Thousands of Americans may still be owed a third government stimulus check, a payment of $1,400 per eligible taxpayer that was authorized by the American Rescue Act in 2021.

About 645,000 potentially eligible people hadn’t gotten a third stimulus check by the middle of September 2021, according to a new report from the Treasury Department’s Inspector General for Tax Administration. Some of those people received checks after September, but the report didn’t identify how many of those taxpayers have received their payments since then. 

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The amount of the unpaid stimulus checks isn’t small, with the Treasury estimating the balance at $1.6 billion. 

The IRS Dispatching More Stimulus Checks

To be sure, the bulk of payments from the third round of stimulus checks have been distributed, with the IRS sending checks to more than 175 million taxpayers. But some people may have fallen through the cracks, while the current tax season may provide an opportunity for them to claim the overdue payment. 

The IRS on March 30 said it is no longer issuing first-, second-, or third-round stimulus checks. But taxpayers who missed a check or didn’t get the amount they were entitled to can claim the extra payment as a Recovery Rebate Credit on their 2020 or 2021 federal tax return, the agency said. 

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For instance, some families who had a new child in 2021 may not have received the third stimulus check for their new addition. Because the IRS relied on the previous year’s tax return to determine eligibility, the tax agency would not have known about children born or adopted in 2021. 

And some people whose incomes declined in 2021 could also qualify for more stimulus money. Because the checks were phased out above certain amounts — such as a $160,000 income cutoff for married couples — people whose earnings declined in 2021 below that threshold could qualify for more money. 

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