The latest batch of stimulus payments is out. The $1,400 stimulus check in this sixth round includes those who have recently filed their tax returns. These forms were processed and the payments sent by the authorities.
The latest round of payments brings to 161 million the number of payments dispatched by the IRS. The total payments stand at around $379 billion.
Most of the payments have been through direct deposit into bank accounts. Payments have also been made through the US postal service. The payments have been either paper checks or preloaded debit cards.
The latest round has given around $3.4 billion in 2 million stimulus checks to Americans hit by the economic crisis caused by the pandemic. Of these, around 1.1 million are paper checks and the rest 900,000 are through direct deposit.
New Filers Also Get Their Stimulus Check
Many recipients in this round were those who have recently filed their tax returns. The authorities did not have their records as they were first-time filers. Around 700,000 checks went out to them worth around $1.3 billion after returns were processed by the IRS.
The IRS has been actively encouraging all people, including non-filers to file their tax returns for 2020 to receive the federal benefits. This will help the IRS get all the information needed to process the stimulus check.
This request is for all three stimulus checks sent out since 2020. The Recovery Rebate Credit, part of the tax form to be submitted this year, will help people claim stimulus payments that are pending since last year.
Many plus-up checks were also part of the latest round of payments. Plus-up payments are for those who will receive additional payments after they filed their tax returns for 2020.
Around 700,000 catch-up payments were sent that totaled around $1.2 billion. These additional funds were due to either decrease in income or the addition of a child in 2020. About 600,000 stimulus checks also went out to SSDI and SSI beneficiaries.
The IRS has urged people to file their returns before the May 17 deadline to help them process the stimulus payments. People making less than $72,000 can also file their tax returns for free with the help of the Free File Program.