The United States Internal Revenue Service (IRS) is continuing the distribution of the third stimulus check worth $1,400 to eligible citizens across the country, but many people are still unsure of how to track their payments.
The IRS sent $2.8 billion in stimulus checks, half of which were paper checks and the other half were direct deposits to bank accounts of eligible residents. However, many people have still not received their third stimulus checks and are wondering how to track their payments.
The American Rescue Plan passed in March is also giving out "plus-up" payments which would increase the amount of money a person receives. The IRS will also send out advance monthly payments for the child tax credit to eligible families beginning July 15. The payments would give up to $3,600 per child depending on several factors such as age and income limits.
Third Stimulus Checks
If you are unsure of where your payment is or believe it could have been stuck somewhere, you can contact the IRS so they could provide details of the status of the check. The agency is sending out payments on a weekly basis, which include the third stimulus check and plus-up payments.
The plus-up payments are additional money for residents who received less money than they otherwise should have. The situation was caused when the IRS mistakenly used an older tax form to calculate the payment to be issued. This will be cleared up once the agency receives the 2020 tax return and recalculates the third payment, CNET reported.
IRS officials said the plus-up payments were automatically being sent to people who have received less than the amount they were owed. However, residents who believe they should be part of the recipients should contact the agency and clarify the situation.
How Much Money?
The third stimulus checks will give residents up to $1,400 if they are eligible for the payments under the American Rescue Plan. People who earned $75,000 in 2020 will be able to receive the maximum payment while those who earned more will receive less depending on their income.
Additionally, married couples who jointly filed taxes and earned $150,000 in 2020 will receive a maximum of $2,800. For individuals who earned $80,000 and couples filing jointly who earned $160,000 in 2020, they would not receive any payment from the third stimulus check, 10TV reported.
With the third round of stimulus checks still going around, some people are now wondering about the possibility of the fourth round of payments. Many are arguing the previous financial package has not been enough to support residents affected by the coronavirus pandemic.
Lawmakers have been expressing their support and are urging President Joe Biden to work on providing Americans with a fourth stimulus check. Many are saying the return of Congress this week could bring good news about the possibility of a new stimulus package, Yahoo Finance reported.
More than 80 members of Congress expressed their support for a fourth stimulus check by sending a letter to Biden urging him to approve a new package. Seven members of the House Ways and Means Committee recently joined the supporters of the fourth stimulus package.