Millions of Americans are set to receive stimulus checks by the end of May, according to an update from the Internal Revenue Service (IRS). The news comes as part of the Biden administration’s American Rescue Plan, which provides an additional round of stimulus payments for those who qualify.
The latest round of stimulus checks includes payments of up to $1,400 per person, with additional payments of $1,400 for each dependent. This is a significant increase from the previous rounds of stimulus payments, which provided up to $1,200 per person and $500 per dependent.
The stimulus payments are available to those who made less than $75,000 as a single filer or $150,000 as a married couple filing jointly in 2020. Those who made between $75,000 and $80,000 as a single filer or $150,000 and $160,000 as a married couple filing jointly will receive a reduced amount.
Stimulus Checks IRS Reports NOW
The IRS has said that it expects to start sending out the stimulus payments by the end of May. The agency has also set up a tool for taxpayers to track the status of their payment. The tool will provide an estimated date of when the payment will be sent out and also allows users to update their direct deposit information to ensure they receive their payment quickly.
The American Rescue Plan also includes additional measures to help those who are struggling financially due to the pandemic. This includes an extension of unemployment benefits, an increase in the Earned Income Tax Credit, and an extension of the moratorium on evictions and foreclosures.
For taxpayers who did not file a 2020 tax return, the IRS has set up a special program that will allow them to submit their information and receive their stimulus payment. This program is only available until May 17, so it is important for those who have not yet filed their 2020 taxes to act quickly.
The stimulus checks are an important part of the Biden administration’s efforts to help those who are struggling financially due to the pandemic. Millions of Americans are set to receive their payments by the end of May, providing much-needed relief to those who need it most.