IRS to Send Supplemental Stimulus Payments to 2020 Tax Filers
The IRS, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced in April that they are disbursing nearly two million payments in the fifth batch of economic impact payments from the American Rescue Plan. This batch brings the total to 159 million disbursements with a total value of $376 billion since payments began rolling out in mid-March, according to a statement from the IRS.
“These ‘plus-up’ payments could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return,” the IRS statement said. This batch, totaling more than $1.2 billion, started processing on April 9 and should have hit bank accounts on April 14.
More than 320,000 payments with a total value of $450 million went to Veterans Affairs beneficiaries who receive Compensation and Pension benefit payments but don’t normally file a tax return and didn’t use the tool for non-filers last year. Nearly 850,000 payments with a total value of $1.6 billion went to individuals for whom the IRS previously did not have information but filed a 2020 tax return, according to the IRS statement.
For those who believe they qualify for a plus-up payment, the IRS encourages you to file your 2020 tax return as soon as possible. The IRS will continue to send out the payments on a weekly basis to everyone who is eligible as 2020 tax returns are processed.
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