On Wednesday, June 9, the IRS, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they sent more than 2.3 million additional Economic Impact Payments under the American Rescue Plan. Is your money on the way?
The announcement made by the agency covers the most recent two weeks of the effort and brings the total disbursed so far to more than 169 million payments, which add up to a total value of approximately $395 billion since these payments began.
According to the IRS website, here is additional information on the last two weeks of payments, which includes those with official payment dates through June 9:
• In total, this includes more than 2.3 million payments with a value of more than $4.2 billion.
• More than 900,000 payments, with a value of approximately $1.9 billion, went to eligible individuals who recently filed a tax return, and for whom the IRS previously did not have information to issue an Economic Impact Payment but.
• This also includes more than 1.1 million supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns, with a value of more than $2.5 billion. In all, the IRS has made more than 8 million of these supplemental payments this year.
•The last two weeks of payments contain more than 1.2 million direct deposit payments (with a total value over $2.2 billion) with the remainder as paper check payments.
The IRS will continue to make Economic Impact Payments on a weekly basis to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well as to people who qualify for "plus-up" payments.