Over the past two weeks, the IRS has disbursed 1.8 million addition Economic Impact Payments under the American Rescue Plan, bringing the total to 167 million payments valued at $391 billion since March 12.
Here is the IRS’ breakdown on the last two weeks of payments, which includes those with official payment dates through May 26:
- Over the past two weeks, more than 1.8 million payments with a value of more than $3.5 billion were distributed.
- More than 900,000 payments, with a value of approximately $1.9 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 two weeks, there were more than 900,000 of these “plus-up” payments, with a value of more than $1.6 billion. The IRS has made nearly 7 million of these supplemental payments this year.
- Overall, the last two weeks of payments contain more than 900,000 direct deposit payments (with a total value over $1.6 billion) with the remainder as paper check payments.
The IRS will continue to make Economic Impact Payments on a weekly basis. 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.
Although payments are automatic for most people, the IRS urges people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit. Filing a 2020 tax return helps the IRS in determine whether someone is eligible for an advance payment of the 2021 Child Tax Credit, which will be disbursed this summer.
The IRS reminds taxpayers that income levels in this third round of Economic Impact Payments have changed. This means some people won’t be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit.
Payments will be reduced for individuals making $75,000 or above in adjusted gross Income ($150,000 for married filing jointly). Payments end at $80,000 for individuals ($160,000 for married filing jointly); people with adjusted gross Incomes above these levels are ineligible for a payment.