More than 1 million new $1,400 stimulus checks have been sent. Here's who got a payment


Delmaine Donson | E+ | Getty Images

A new set of $1,400 stimulus checks has been sent, bringing the total number of payments issued to approximately 164 million, or about $386 billion.

More than 1.1 million payments were sent this time, representing more than $2 billion. About 600,000 of those payments were made using direct deposit, while the rest were sent via paper check.

The new payments mark the eighth batch sent since Congress approved the checks in March. Payments are for up to $1,400 per individual, as well as $1,400 per eligible dependent, so long as recipients fall under certain income thresholds and meet other requirements.

Much of the money sent in this round were prompted once the IRS processed tax returns.

More from The New Road to Retirement:

Here’s a look at more retirement news.

More than 585,000 payments worth more than $1.2 billion were sent to people the IRS did not previously have on record who had recently filed returns.

This latest batch also included more than 570,000 “plus-up” payments worth almost $1 billion to people who the IRS found were eligible for new or additional sums after processing their tax returns.

The government plans to continue to issue new payments on a weekly basis.

It is also urging those who do not typically file taxes to submit a return this year in order to get their payments, including the homeless and rural poor.

Federal beneficiaries are also encouraged to file tax returns to ensure eligible dependents also receive their stimulus money. The Social Security Administration also just issued an announcement urging beneficiaries to file for the recovery rebate credit if they missed out on the first $1,200 or second $600 checks.

READ  Here are the biggest analyst calls of the day: Virgin Galactic, DuPont, AMD, Nintendo & more

Filing a tax return not only helps the government assess whether additional stimulus money is due to you, it can also help determine whether you may be eligible for additional tax credits, such as the earned income tax credit or child tax credit.

The IRS provides more information on its website on how to claim your stimulus checks if you are not usually required to file a tax return.



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here