The IRS is sending more federal stimulus payments to people. The newest payments were sent out on July 21. Some of these checks are “plus-up” adjustments for people who got less money in earlier checks.
This is the latest payment from the government to help people. It is part of the American Rescue Plan, and it will give $1,400 to each person who qualifies. The IRS has made 171 million payments worth more than $400 billion, and the last batch was worth more than $4 billion.
The IRS is still giving people money. They are giving it out every week. The IRS is sending payments to people who didn’t have enough information to give them a check, and they are also sending payments to people who qualify for extra money from the government.
The IRS has sent more “direct relief” via the third stimulus check than the two other rounds. The payments have gone mostly to people who earn less than $50,000, and 10% of them were sent to people who do not have to file taxes.
People can still get their stimulus payment by filing a 2020 tax return or using the Non-filer tool on the IRS website. People should do this if they don’t have children and want to take advantage of the Child Tax Credit program, which started giving monthly payments on July 15.
A long wait for some people.
Some people had to wait for their stimulus payment because the IRS prioritized sending checks to people who had already filed their taxes in 2019 or 2020. The IRS could quickly check for eligibility based on their income and send the money wherever they wanted.
But some people who don’t have to file a tax return or adjust their payment have had to wait for the IRS to process it.
The IRS said that they sent out 1.3 million checks to people who recently filed their tax return and for whom the IRS did not have enough information about them to send the money. Another 900,000 payments were made for people who got a plus-up adjustment because they qualified for a bigger check based on their recent 2020 tax return.
What is a fourth stimulus check?
About 1 in 4 people who are on unemployment will lose their benefits because of a cut. States have been cutting back on the amount they give people for being unemployed. This will happen around two months before the federal funding is due to expire.
Many families have financial problems because of the pandemic. The unemployment rate is 5.9% and was 3.5% before the pandemic, which is much higher now than before. One-quarter of people had trouble paying their household expenses in the past week, and almost one-third of people have a reduced income due to the pandemic.
“One spouse might be fine or one partner may be fine, but the other is seeing an impact on their income. The data show an improvement from a year earlier when about half of households had a loss of income.”
Some people want another check from the government to help them. They say that $1,400 is not enough. More than 20 senators signed a letter to Joe Biden and said we need more money for it.
Experts think that another round of checks will be approved by lawmakers soon. But some people are getting help with the Child Tax Credit and will get monthly checks from July to December.
The Child Tax Credit is a way to give money to kids under six years old and kids between 6-17. It will pay for $300 per child, up to 2 children. If you earn less than $30000, you can get this credit.
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