THE IRS is handing out stimulus checks now after distributing 2.3 million last week.
This latest round is part of Joe Biden’s plan to deliver $1,400 to each eligible adult and child under the American Rescue Plan during the Covid pandemic.
Read our stimulus checks live blog for the latest updates on Covid-19 relief…
Some of the payments include “plus-up” adjustments for those who were underpaid in previous checks.
On June 9, the IRS said it had now distributed more than 169m payments worth $395 BILLION with the latest round totalling $4.2bn.
Yet, some Americans have had to wait months for their checks to arrive.
This is because the IRS prioritised sending money to tax payers who had already filed their returns for 2019 or 2020 because they were able to quickly verify them based on income.
Meanwhile, both the IRS and the US Postal Service have created virtual kiosks to give Americans tracking tools to determine how much cash they’re getting and when it’s coming.
IRS created the Get My Payment tool where cash-strapped individuals and families can get daily updates on their payment statuses.
And if payment is expected in the form of a paper check or EIP debit card through snail mail, then there’s a nifty tool that the US Postal Office tool called Informed Delivery.
If there was a delay in filing taxes or there’s some issues with the amount, the IRS is trying to make good with their “plus-up” adjustments for anybody who was sent a smaller amount of money than they deserve.
Recently, the IRS confirmed it has issued 8million “plus-up” payments as of June 9.
Much of these details are determined in the tax returns, according to CNET.
The IRS stated it has secured $412.9billion to help relieve the many trying to stay afloat despite the economic downturn.
Come mid-July, families who qualify will be able to take advantage of an extra $250 or $300 a month or dangling a one-time payment of $3,000 or $3,600 in 2022, as part of Biden’s Child Tax Credit rollout.
The IRS will go live with two web portals to give parents and guardians the chance to select whether they want a monthly payout or a larger one-time chunk come 2022, the IRS detailed on their website.
Qualifying families can collect $3,000 “per qualifying child between the ages of 6 and 17 at the end of 2021,” the IRS states.
Families will be required to update their monthly or lump sum preferences and can do so before the portals are expected to be fully operational by July 1.