Connect with us

Economy

IRS sends out 730,000 supplemental payments worth over $1.3 billion

Published

on

WASHINGTON — Wednesday, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the seventh batch of Economic Impact Payments from the American Rescue Plan.

The announcement by a press release brings the total disbursed so far to approximately 163 million payments, with a total value of approximately $384 billion, since these payments began rolling out to Americans in batches as announced on March 12.

The seventh batch of payments began processing on Friday, April 23, with an official payment date of April 28, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. Here is additional information on this batch of payments:

In total, this batch includes nearly 2 million payments with a value of more than $4.3 billion.

More than 1.2 million payments, with a value of over $3 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 batch 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. This batch included more than 730,000 of these “plus-up” payments, with a value of over $1.3 billion.

Overall, this seventh batch of payments contains about 1.1 million direct deposit payments (with a total value of $2.5 billion) and about 850,000 paper check payments (with a total value of more than $1.8 billion).

The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent 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 to people who qualify for “plus-up” payments.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Facebook

Copyright © 2017 Fall River Reporter

Translate »