The Internal Revenue Service (IRS) said on Tuesday that after the disbursement of the $1400 coronavirus stimulus payments under the authorization of the $1.9 trillion American Rescue Plan, it would start sending payments to beneficiaries of Social Security, Railroad Retirement Board benefits, and Supplemental Security Income.
Furthermore, the IRS will start processing those payments at the week end so they can clear bank accounts on 7th April. The agency said that they would send the majority of the payments rounds electrically through direct deposit or added to current Direct Express cards instead of sending them through prepaid debit card or paper check.
IRS also said that eligible people expecting a check in this round could view their payment status using the Get My Payment tracking tool of IRS when updated to contain this round of payments next week. Moreover, the agency added that it expects to deliver additional details about payments for receivers of Veterans Affairs benefits, which it estimates will be sent in the coming days, somewhat in mid-April.
Chuck Rettig, the IRS Commissioner, states that they know the importance of these payments, and they are doing their best to make sure the delivery of these payments as quickly as possible to these important individuals. The agency said that they disbursed around stimulus payments of 127 million by 24th March. The combined worth of those payments is $325 billion.
Background of $1.9 Trillion Payments
Joe Biden, the President of the United States, authorized the third round of direct payments of the $1.9 trillion American Rescue Plan. So, this time in the amount of $1400, along with the $600 and $1200 stimulus payments disbursed last year. Those individuals having earnings below $75000 annually will receive the full $1400 payment, as well heads of household earnings below $112500 yearly and couples filing mutual earning below $150000. For many people, the U.S. Federal administration used a 2019 or 2020 tax return to find out eligibility.
Whereas no action needed for many of the recipients of Social Security, other federal programs, and Veterans Affairs to receive a stimulus payment, the agency said. In the same way, some recipients may need to file a 2020 tax return so it can send more payments for eligible dependents. Under the most recent coronavirus stimulus bill, adult and children dependents qualify for $1400 payments too.
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