January 18, 2022

90 million stimulus checks worth $242 billion have been delivered – here’s how to check if you haven’t gotten one

topline

More than half of the estimated 160 million stimulus checks approved by the latest round of Covid-19 relief have been provided by the Internal Revenue Service, with millions more to arrive in the coming weeks. Here’s how to check the latest status of your payment if you haven’t received it yet.

Key facts

The first batch of $1,400 electronic impact payments, representing approximately 90 million stimulus checks and totaling approximately $242 billion, has been delivered to bank accounts, the Independent Community Bankers of America and IRS said Wednesday.

In addition to Wednesday’s deposits, the IRS has: emailed about 150,000 paper checks to be cashed as early as Friday.

Wednesday marks the payment date authorized by the IRS to release those payments, but the agency says additional checks will be mailed in the coming weeks, with a vast majority coming via direct deposit, with the remaining payments as check or check. debit to be mailed card.

The stimulus package signed into law by President Joe Biden on March 11 earmarked about $400 billion for direct checks to individuals, meaning about $160 billion is still en route to about 50 million Americans.

The IRS – it has faced with criticism for not authorizing payments before – still urges eligible individuals who have yet to receive payments to check the status of their stimulus checks using the agency Receive my payment tools, that relaunched Monday.

The IRS says most eligible people will receive their stimulus check without any additional action, which should be listed on the tracking tool if needed; those who have not filed tax returns but do receive Social Security or Veterans Affairs must automatically receive their check.

key background

The third round of economic impact payments is larger than the last two, but income levels in the last round have changed, making some Americans eligible for checks in the first two rounds of relief ineligible. Individuals earning less than $75,000 a year receive the full payment of $1,400, as do householders earning less than $112,500 a year and couples collectively earning less than $150,000. However, individuals earning $80,000 or more, and couples earning at least $160,000, will not receive stimulus checks under the new package, down from $100,000 and $200,000 respectively in the previous rounds of aid. Due to the new restrictions, approximately 17 million Americans will receive fewer payments this round.

Tangent

In Wednesday’s announcement, the ICBA noted that the Maryland government, Larry Hogan (R) has issued an emergency order banning stimulus checks from being used as a seizure, which the organization notes “may [set] from a patchwork of sequestration protections.” Research has shown that millions of American incentive payments could be subject to collection.

large number

100 million. That’s how many stimulus checks Biden says: he wants the IRS to deliver by March 25.

Read further

In Switcheroo, IRS to Provide Full Incentive Payments to People With Federal Tax Debts (Forbes)

How Much Money You Get From Incentive Checks, Unemployment Benefits, And Everything Else Within Biden’s $1.9 Trillion Relief Bill (Forbes)

Stimulus checks will come to major banks on Wednesday at 9.00 am (Forbes)

Biden gears up for new tax hikes to pay more incentive — here’s what we know: (Forbes)

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