Will Americans invest or spend $1400 stimulus checks?
‘Nothing is Too Big to Fail’ authors Linda and Kerry Killinger discuss pandemic relief on ‘FOX Business Tonight’
The IRS and Treasury Department on Thursday night said the administration had disbursed 130 million economic impact payments worth about $335 billion as it prepares to send a large set to Social Security and other federal beneficiaries.
The economic impact payments have been sent out in batches. The third, which began processing at the end of last week, includes about 4 million checks and direct deposits with a total value of more than $10 billion.
People may receive money in this batch of $1,400 payments if they received payments earlier in March based on their 2019 tax return but are actually eligible for additional money based on a recently processed 2020 return. This could happen, for example, if an individual experienced a loss in income. People for whom the IRS did not have information but have recently filed a tax return will also be included.
BIDEN PROMISES TO CRACK DOWN ON WEALTHY TAX EVADERS BY FUNDING IRS ENFORCEMENT
The IRS and Treasury Department said that on Friday a set of payments will begin going out to Social Security and other beneficiaries of federal programs who did not file a 2019 or 2020 tax return and did not use the non-filers tool last year. The payments will be issued beginning this weekend with a target of reaching the majority of bank accounts by the middle of next week.
According to the Social Security Administration, this cash is not expected to be sent via prepaid debit card.
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The IRS also said it is reviewing payments for recipients of Veterans Affairs benefits and estimates that stimulus checks for recipients who do not normally file tax returns could be disbursed by mid-April.
Individuals can check the Get My Payment tool for more information about their payments.
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