A new batch of $ 1,400 stimulus checks has been sent, bringing total payments to nearly $ 167 million, for a total of about $ 391 billion.
Since the U.S. Rescue Plan Act was passed in Congress in March, the IRS, the Treasury Department, and the tax authorities have announced new direct payments to Americans.
While these announcements usually come on a weekly basis, this new introduction represents two weeks of cash.
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This item includes more than 1.8 million payments worth more than $ 3.5 billion. More than 900,000 of these checks were sent by direct deposit, and the rest were delivered by paper checks.
Most of the checks that are still payable are directed to taxpayers who are paid extra money — so-called “surcharges” —now when their tax returns are processed. In addition, new checks are also sent to Americans who don’t usually pay taxes but did so recently to get stimulus money.
This round included more than 900,000 “surcharges,” which is more than $ 1.6 billion. To date, the government has sent nearly 7 million of these payments.
In addition, the government sent more than 900,000 payments, totaling about $ 1.9 billion, to people it didn’t have before, but whose tax returns it recently processed.
Legislation passed in March allocated about $ 410 billion for the third round of inspections.
In total, about 472 million payments have been made through the first, second and third rounds of stimulus, totaling more than $ 807 billion, IRS Commissioner Charles Rettig said in a testimony at Capitol Hill last week.
It is not too late to apply for payment
Most people should get their $ 1,400 incentive check and “surcharge” automatically, if they’re eligible, automatically, according to Tax Foundation economist Erica York.
The outstanding payments mostly represent people who are harder to reach, such as those with no income or bank accounts, York said.
The IRS recently issued guidelines for the homeless, explaining that they can still receive incentive checks and an extended child tax deduction even if they do not have a permanent address or bank account. Others may lose their earned income tax credit if they do not file an application.
The IRS is working to find hard-to-reach populations, but it’s likely they won’t definitely get 100% of the people who can get it, York said.
For example, the CARES Act, adopted in March 2020 at the beginning of this year, received an estimated 8 million remaining stimulus revisions.
The good news is that it’s not too late to demand money.
“If you missed this registration deadline this year, it’s not too late to make a refund,” said Susan Allen, director of tax policy and ethics at the American Institute of CPAs.
“You can still submit an application and ask for a refund,” he said.
In addition, you do not owe the IRS a penalty for late payment if you get your money back.
Alternatively, if you have a balance due to the IRS, you may have to pay default interest and fines.
Any recovery check money can be claimed by completing a refund with a line and a separate spreadsheet for the recovery credit this year.
Missing funds can be applied for on an extended deadline for the federal tax return, 15.10.
According to Allen, tax refunds can usually be claimed for up to three years after the due date.
The IRS has not yet released additional information on the process of returning the missing recovery checks by October 15th.
If you still haven’t submitted a federal tax return, keep in mind that a state application can also be affected if you continue to be late, Allen said.
For example, if you owe the federal credit to the IRS, you may also have to pay your state. And if you get your money back, you can also get a check for your state refund.
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