When will the IRS finish making stimulus payments?
The IRS has until December 2021 to send all stimulus checks but many believe with the pace of delivery the tax authority will finish the job before then.
The IRS has sent almost 380 billion dollars' worth of stimulus checks since mid-March across 161 million payments. The seventh batch is expected to land in bank accounts on Wednesday with additional checks going out the door.
On 22 April, the IRS sent out its sixth batch of stimulus checks to more than two million people. This batch included the sending of over 1.2 million physical checks. As the tax agency moves forward, they will begin sending more paper checks and pre-paid debit cards.
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The IRS has until the end of the year to finish sending the $1,400 stimulus checks
The American Rescue Act gives the IRS until late December to send all the payments. Providing such a long time frame allows the IRS to identify which recipients are still missing checks after most in the US have filed their taxes.
Those eligible, who did not receive a check during the first or second round of payments can declare that information on their taxes. The IRS will crosscheck with their records and, if correct, will include the amount missing in the tax return. Or, those who did not receive their first or second check will be sent a “plus-up payment,” which the IRS began distributing on 26 March.
In the most recent batch sent in late April, more than 700,000 “plus-up payments” were sent. In the coming weeks, the IRS will continue to send out these additional payments.
How can I track my payment?
Through the IRS’ “Get My Payment” tool, those eligible can track when they will receive their check. This information is updated about once a day.
Is more stimulus on the way?
As macroeconomic indicators show that the economy has not recovered to pre-pandemic levels, more Democrats on Capitol Hill have come out in favor of sending a fourth stimulus payment.
President Biden has not made public comments in support or opposition to sending a fourth round of direct payments. However, this week President Biden is expected to unveil the American Families Plan, the third piece of legislation that forms part of his Build Back Better economic agenda. After increasing support for more stimulus from Senate and House Democrats, the President may opt to add a fourth direct payment into the plan.