On Thursday, the IRS, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they sent more than 2.2 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 six weeks of the effort and brings the total disbursed so far to more than 171 million payments, which add up to a total value of approximately $400 billion since these payments began.
According to the IRS website, here is additional information on the last six weeks of payments, which includes those with official payment dates through July 21:
• In total, this includes about 2.2 million payments with a value of more than $4 billion.
• About 1.3 million payments, with a value of approximately $2.6 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.
• This also includes additional ongoing 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. In the last six weeks, there were more than 900,000 of these "plus-up" payments, with a value of more than $1.6 billion. In all, the IRS has made more than 9 million of these supplemental payments this year worth approximately $18.5 billion.
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.