New round of stimulus checks send: How to claim mine if it is missing?
On 26 May the IRS announced that it had sent 1.8 million more stimulus checks, bringing the total amount distributed to 391 billion dollars.
The Internal Revenue Service (IRS) continues to send out the third round of stimulus checks. The distribution that began in March, after the passage of the American Rescue Plan, is reaching its end. The most recent batch of payments included 1.8 million checks, the majority of which were supplemental payments for those who “received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns.” This brings the total number of supplemental payments sent to over seven million.
Around 400 billion dollars were allocated for sending $1,400 stimulus checks, and based on the numbers released by the IRS, ninety-seven percent have been sent. Approximately fifty percent of the payments were made through direct deposit, while the rest were sent as physical checks.
What should I do if I have not received my payment?
Most individuals and families who were eligible to receive a stimulus check but didn’t were able to claim the benefit when filing their 2020 tax return. Federal income taxes were due on 17 May, but if you did not get a chance to file or thought you would not need to, there is still time. The IRS has stressed that even individuals who do not typically file a tax return should do so this year because there are many benefits they could claim. For those requiring support to file their taxes, the IRS stands ready to assist.
The IRS has stated that the agency is working to collect the necessary information from those eligble to send the payments. The information is made available to the IRS when individuals and families file their taxes. Of the 1.8 million payments made last week, 900,000 checks “went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return.”
Haven’t done your taxes yet? If you’re due an #IRS refund, there's no penalty for filing late. But if you do owe, penalties and interest are now accruing on any remaining unpaid tax due. Learn more from this #IRSTaxTip: https://t.co/2eB0Aq1TVE pic.twitter.com/EvZAeTDDQL— IRSnews (@IRSnews) May 27, 2021
Those who filed their 2020 taxes and still have not received a check, the IRS has set up a tracking tool called Get My Payment.
Where does the debate on a fourth stimulus check stand?
Over eighty Democrats are now in favor of sending an additional round of direct payments. This growing support comes as a recent survey by Morning Consult and Axios showed that inequality in the US rose in May.
Additionally, after the first few rounds of stimulus payments were made, consumer spending reports showed increases in March and April. However, many families have reported that funds from the checks are running out, which could send spending numbers down.
While sending a fourth stimulus check carries fairly widespread public support, with no Republican support, it is unlikely the measure will pass any time soon. Republicans in Congress and those in governors’ mansions across the country are forming a consensus around the idea that increases in government support are discouraging people from reentering the workforce.
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