- More than 1.5 million US taxpayers will receive refunds of $ 1,600
- The $ 1,600 check is for reimbursements based on adjusted unemployment compensation
- Those who have paid too much in taxes on the previous return will be issued the new check for $ 1,600
More than 1.5 million eligible taxpayers will receive new checks from the US Internal Revenue Service (IRS) this week for the latest round of refunds based on adjusted unemployment compensation, The Sun reported.
Qualifying taxpayers will receive an average of more than $ 1,600 in a refund check based on their previously filed income taxes. President Joe Biden‘s Rescue Plan excludes up to $ 10,200 in unemployment from adjusted gross income for individuals and $ 150,000 or less for married couples.
Refund check will be sent this week to millions of taxpayers
Those who filed their taxes before the plan was approved may be eligible for a refund for their excess payment of unemployment compensation taxes. “Refunds began to be sent by direct deposit on July 28; Paper checks will begin to be sent on July 30 ”, indicated the reviewed outlet.
To qualify for the payment, a taxpayer who earns the government requirement must have received unemployment benefits for at least one week in 2020. Most eligible taxpayers will automatically receive the refund check without doing anything.
Taxpayers do not have to do anything to receive payment
“The IRS effort was focused on minimizing the burden on taxpayers so that most people do not have to take any additional steps to receive the refund,” the IRS said, adding that “the IRS review means that the majority of taxpayers affected by this change will not have to file an amended return because IRS employees have reviewed and adjusted their tax returns for them. “
Since May 2021, the IRS has issued more than 8.7 million unemployment refunds totaling about $ 10 billion. This week’s refund check is for the fourth round of payments.
They send checks for unemployment compensation reimbursements
Recently, the IRS announced that it will issue another round of refunds to nearly 4 million taxpayers who overpaid their unemployment compensation taxes. These “direct deposit refunds” will continue to be sent throughout the summer.
“The American Rescue Plan Act of 2021 excluded up to $ 10,200 of 2020 unemployment compensation from taxable income calculations. The exclusion was applied to individuals and married couples whose modified adjusted gross income was less than $ 150,000, ”the agency indicated.
Weekly payments will continue
As stipulated in the American Rescue Plan, the IRS and the Department of the Treasury have a deadline of December 31st to deliver all stimulus checks from the third round of grants. The agency usually schedules deposits each Friday with an effective payment date the following Wednesday.
“The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS did not have information to issue a payment, but who recently filed a tax return, as well as to individuals who qualify for additional payments, ”the IRS said in a statement. . Millions in the US will receive new stimulus checks THIS WEEK.
Millions in the US will receive a new stimulus check
On the other hand, more than two million citizens in the US will receive new stimulus checks THIS WEEK, and the Internal Revenue Service (IRS) continues to work on sending the funds approved in the Biden American Rescue Plan.
According to the agency, about 2.2 million Americans will receive their payments of $ 1,400 for the third round of checks this week. With this latest outlay, the aid distributed by the IRS will reach more than 170 million citizens.
Millions in the US will receive new checks
Despite some delays by the IRS, with the latest disbursement, reaching beneficiaries this week, they will have accomplished the task of mailing the $ 1,400 stimulus checks to some 171 million citizens.
To whom did the 2.2 million checks sent this week? Most are for eligible individuals who have not previously submitted their information to the IRS, but have now filed a tax return. Other checks will go to those who have pending “plus-up” or additional payments.
Battling with pending payments
The IRS reported that they have so far distributed more than $ 4 billion from this third round of aid that was approved by the US Congress last March. In fact, most of these payments were issued the same month they were approved and arrived quickly by mail or direct deposit to beneficiaries.
However, the IRS has suffered some problems, such as delays in shipments or lack of information on payees, so some citizens are still waiting for their checks, The Sun reported. To solve the situation, the agency works at full speed and week after week they continue to send millions of payments.
The “plus-up” payments They are sent because the IRS issued for some citizens a first check with an incomplete amount based on their 2019 information and after reviewing the most recent 2020 tax return and making the pertinent calculations, they issue a second payment as a supplement.
These payments are intended for “people who received payments based on their 2019 tax returns in early March, but are eligible for a new or higher payment based on their recently processed 2020 tax returns. ‘could include a situation where a person’s income was reduced in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations, ”the agency said in a statement. .
No prior information– These payments are issued to those who have recently filed a tax return and for whom the agency did not previously have information that would allow them to deliver their payment.
“More than 900,000 payments, with a value of more than $ 1.9 billion went to eligible individuals for whom the IRS previously did not have information to issue an economic impact payment, but who recently filed a tax return,” they detailed.
Take advantage of filing your taxes
Due to their low income, some people are not required to file taxes. However, the IRS has encouraged this group to submit their information in order to receive federal benefits approved by the US Congress.
“This includes the homeless, the rural poor and others. Individuals who did not receive an Economic Impact Payment from the first or second round or who received less than the total amount may be eligible for the 2020 Refund Recovery Credit, but will need to file a 2020 tax return. the agency. Filed Under: Refund Check.