The IRS, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced in April that they are disbursing nearly two million payments in the fifth batch of economic impact payments.
Update: Another 1 million stimulus payments recently went out
Updated 10:06 AM;
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Another round of stimulus payments is on the way, the Internal Revenue Service announced.
The payments are the ninth batch of Economic Impact Payments from President Joe Biden’s American Rescue Plan. In all, the plan – which includes stimulus payments of up to $1,400 per person – has distributed some 165 million stimulus payments with a value of about $388 billion.
The payments began processing on May 7 with a processing date of May 12.
More than 500,000 of the latest batch of payments went to eligible individuals for whom the IRS previously did not have information to issue a stimulus check but who recently filed a tax return. It also includes more than 460,000 “plus-up” payments sent to people who earlier this year received payments based on their 2019 tax returns but are now eligible for a new or larger payment based on their recently processed 2020 tax returns.
Warning! Don t Throw Away Your Stimulus Letter from the IRS.
It s especially important to keep your IRS letter if your third stimulus check payment hasn t arrived
or if you believe that you received the incorrect amount of money when the third check was sent.
By now, the majority of Americans who are eligible for a $1,400 stimulus check from the American Rescue Plan have likely received their checks. The most recent round of checks sent out under a million of the checks, indicating that the bulk of the approved checks have already been sent out.
The IRS, in sending out the checks, has also sent out an accompanying letter, just as it did for the two previous stimulus checks, in 2020. The IRS is sending out a letter called Notice 1444-C, which will go to everyone who received the 2021 stimulus check.
Janice Shih | 5/14/2021, 6 a.m. To find a tax return preparer certified by the IRS, visit the IRS website: www. IRS.gov. Another option is to consult a VITA site (Volunteer Income Tax Assistance). A local VITA site is the CASH Campaign of Maryland (410-234- 8008), which offers free tax return preparation for households that earn less than $56,000. Pexels-Nataliya Vaitkevich
It is difficult to make a generalization about what income is taxable and what is not. So how do you determine whether or not you need to file a tax return? One factor is whether or not you meet the threshold for the requirement for filing a tax return. However, this threshold may vary depending on your age, your filing status and your gross income. To determine whether or not you need to file a tax return, it is best to consult a tax professional.