More than 1.1 million economic stimulus checks worth more than $2 billion are on the way.
The Internal Revenue Service announced Wednesday the distribution of the eighth batch of the third round of stimulus payments aimed at helping shore up Americans’ finances during the COVID-19 pandemic. The maximum amount for the third round is $1,400 per individual and $2,800 for a couple.
With the latest payments, the U.S. government has disbursed about 164 million payments worth $386 billion since the checks started March 12.
The latest round started processing Friday and will carry a payment date of May 5. More than half of Americans included in this round will receive their payments in the form of direct deposits, while the rest will get paper checks.
Rich house, poor house:The housing market is a tale of two Americas and first-time buyers are struggling
Did it help to lift COVID restrictions early? What happened to the economies of those states?
Of the latest round, more than 585,000 payments worth over $1.2 billion were sent 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,” the IRS and Department of Treasury said in a statement.
The checks also include more than 570,000 Americans receiving “plus-up payments,” which are catch-up disbursements owed to Americans who previously did not receive earlier stimulus payouts due to the income level on their 2019 tax return. When they filed a 2020 tax return showing their income dropped below the eligibility threshold, the government disbursed their money.
The IRS is making the payments on a weekly basis.
The IRS says the tool “updates once per day, usually overnight” and that people should not call the IRS.
Save better, spend better: Money tips and advice delivered right to your inbox. Sign up for free here
The latest round of Economic Impact Payments is based on a taxpayer’s latest processed tax return from either 2020 or 2019. That includes anyone who used the IRS non-filers tool last year or submitted a special simplified tax return.
Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits, the IRS has said.
How to use IRS ‘Get My Payment’
The “Get My Payment” tool is available at www.irs.gov/coronavirus/get-my-payment. To use it, you’ll need to enter your full Social Security number or tax ID number, date of birth, street address and ZIP code.
For those who are eligible, the tool will show a “Payment Status” of when the payment has been issued and the payment date for direct deposit or mail, according to the IRS’ frequently asked questions.
‘Payment Status Not Available’ or ‘Need More Information’
Some will get a message that says “Payment Status Not Available.”
“If you get this message, either we have not yet processed your payment, or you are not eligible for a payment,” the IRS said. “We will continue to send the 2021 Economic Impact Payment to eligible individuals throughout 2021.”
And others will get a “Need More Information” message when using the tool if the payment was returned to the IRS because the post office was unable to deliver it for another reason.
Contributing: Kelly Tyko
You can follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday morning.