Millions of Americans felt the luck of the Irish this St. Patrick's Day, after the Internal Revenue Service handed out a batch of stimulus checks worth more than $242 billion. For some, however, the wait will be just a bit longer.
More than 90 million stimulus checks were disbursed to eligible Americans by Wednesday, the U.S. Department of Treasury and the Bureau of the Fiscal Service, the IRS said in a statement.
The first batch of payments was sent "mostly" by direct deposit to those who gave the information on their 2019 or 2020 tax returns, and some people received theirs as early as this past weekend, though the official payment date was Wednesday.
If you did haven't received your payment yet, don't fret — the Treasury also mailed 150,000 checks, worth approximately $442 million, which people should expect in their mailboxes in the coming days.
What's more, the IRS has said that a second batch is also in the works, and that qualified Americans still waiting will receive their payment within weeks.
"Additional batches and payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card," the IRS said, adding that most taxpayers don't need to take any action, and the money will come automatically.
Anyone making less than $75,000 per year is eligible to receive a full payment of $1,400, as are couples making less than $150,000 combined.
Dependents in families who earn less than $150,000 combined are also eligible for checks, and the IRS will refer to an individual's most recent tax return, including for 2020 if already filed, to determine income eligibility. Unlike the first two checks, dependents do not need to be under 17 years old to be eligible.
Individuals making between $75,000 and $80,000 will still receive a check, but it will be smaller than $1,400, and those making more than $80,000 will not get a check at all.
To check the status of your payment, you can use the IRS' "Get My Payment" tool here.
If the tool tells you your status is not available, that means one of three things: your payment has not been processed yet, the IRS does not have enough information to issue you a payment, or you are not eligible.
If your check is being mailed to you and you need to change your address, the IRS advises filing your 2020 tax return with your current address if you have not already done so.
Source: Read Full Article
