The latest batch of $ 1,400 worth of stimulus checks is sent. Social security takers received most of the money

A fourth batch of more than $ 25 million in stimulus payments totaling $ 1,400 was sent, and this time Social Security takers got most of the money.

The IRS announced on Wednesday that more than $ 36 billion in total new stimulus checks have been issued. These payments started processing on Friday April 2nd and had an official payment date on April 7th.

With the new batch, payments issued to date have totaled more than 156 million, or around $ 372 billion.

The $ 1,400 stimulus checks were approved by Congress in March. They include payments of up to $ 1,400 per person plus $ 1,400 per eligible dependent, provided that they are below certain income thresholds and meet certain other requirements.

More from your money, your future:
Trump’s wage tax would “end” social security, say critics
The self-employed can miss out on the income tax break
Why College Students May Get Less Financial Aid Next Year

More than 19 million payments totaling more than $ 26 billion were made to Social Security takers who did not file tax returns for 2019 or 2020 or used the IRS nonfiler tool in the past year. This includes people who are receiving social security, survivor, or disability exams.

In addition, more than 3 million payments – or approximately $ 5 billion – have been made to beneficiaries of the Additional Security Income.

Approximately 85,000 payments worth more than $ 119 million were made to beneficiaries of the Railroad Retirement Board.

The new batch also included more than 1 million “plus-up” payments totaling more than $ 2 billion for individuals who are eligible for extra cash after processing their 2020 tax returns.

In addition, more than 1 million stimulus checks – approximately $ 3 billion – have been issued to people who recently filed tax returns to get their payments because the government failed to register them.

The IRS plans to begin processing payments this week for Veterans Affairs beneficiaries who typically do not file tax returns. The official payment date for the electronic checks is April 14th.

Further payments are also planned as the IRS continues processing tax returns for 2020. This results in additional top-up payments and funds for those the government had not previously registered. These payments will be sent weekly in the future, announced the tax authority.

In general, people don’t need to take any action to get their stimulus checks, the IRS said.

However, some people may want to file a tax return in order to get the money they are entitled to.

Federal beneficiaries with dependents who are also eligible for incentive payments may want to file returns to ensure they receive full payments.

Individuals who do not normally file tax returns or who do not receive federal benefits, such as the homeless or rural poor, are also asked to submit their information in order to receive their stimulus reviews.

Resources on filing free tax returns can be found on the IRS website. The agency offers free signups for those earning $ 72,000 or less. In addition, free electronic forms are available for those with incomes over $ 72,000.

Filing a 2020 tax return will also allow people to claim a refund credit if they missed previous $ 1,200 or $ 600 stimulus checks.

In addition, users can check the status of their payment using the IRS Get My Payment tool.

Comments are closed.