More Than 11 Million Additional Economic Impact Payments Have Been Issued Under The American Rescue Plan Taking The Amount Of Payments Made To Approximately 164 Million
US-PRESIDENT-ELECT-BIDEN-INTRODUCES-FOREIGN-POLICY-AND-NATIONAL-Joe BidenMark Makela
Earlier this week the the Internal Revenue Service that it had distributed more than 1.1 million third stimulus checks in its latest payment run, taking the overall number of checks sent out to 164 million.
This is the third wave of payments made by the US government during the covid-19 pandemic. The first round of payments were covered by the CARES Act was signed into law by previous president Donald Trump on Friday 27 March 2020. The CARES Act provided a first round of stimulus payments valued at $1,200 for each individual who complied to a set of conditions, with $500 for each eligible dependent under 16 years of age, with a maximum of three dependents per household.
HEALTH-CORONAVIRUS/USA-TESTFILE PHOTO: U.S. President Donald Trump speaks to reporters as he departs on travel to Phoenix, Arizona from the South Lawn of the White House in Washington, U.S., May 5, 2020. REUTERS/Kevin Lamarque/File PhotoKevin Lamarque
The #IRS mobile app offers easy access to a free, secure way to pay taxes directly from your bank account. As you #GetReady for filing season, check out IRS2Go:
IRSnews May 8, 2021
Can A Debt Collector Take My Stimulus Check
Child support, taxes, and other debts to the federal government are exempt from garnishment, but a private debt collector can try to take your stimulus payment. While previous rounds of aid prohibited debt collectors from garnishing stimulus payments, that protection was not included in this third round.
Congress may consider new, separate legislation to shield this round of payments from debt collectors.
Irs: All Stimulus Checks Have Been Sent What To Do If You Didnt Get One
A stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak is seen in San Antonio, Thursday, Jan. 28, 2021.
The IRS said on Tuesday that all of the economic impact checks from Decembers stimulus bill have been sent to Americans. According to the IRS, 147 million checks were sent to Americans, totaling $142 billion.
The IRS said it is possible that some stimulus checks are still in the mail, but the agency was required to have all checks out by Jan. 15.
Some of the checks were sent via prepaid debit card last month.
The prepaid debit cards were sent to some of those whose banking information is not on file with the IRS. The IRS told those expecting a paper check or debit card to watch their mail carefully.
If you did not receive a stimulus check, and believe you were eligible for one, you may be able to claim the Recovery Rebate Credit on a 2020 tax return. The IRS said that eligibility will be based on 2020 tax information.
In order to claim a stimulus check through the Recovery Rebate Credit, filers will need to enter the amounts they received from the previous two stimulus checks.
For the December round of checks, Americans who made less than $75,000 in 2019 got a direct payment of $600 . Heads of households who made $124,500 in 2019 also received the full $600. Those who made $75,000 to $87,000 got a prorated check. Those who made over $87,000 did not receive a check.
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How To Track Your Stimulus Check Online
With the IRS Get My Payment tool, you can get a daily update on your payment status. The online app can also alert you with a message if there’s a problem with your payment that you may need to address. Another option is to create an online account with the IRS, if you haven’t already.
If you get sent a plus-up payment after your 2020 tax return is processed, the amount of your third payment will no longer show up in the tool, according to the IRS. In that case you will only see the status of your plus-up payment.
If you expect your payment to come in the mail, you can use a free tool from the US Postal Service to track your mailed stimulus payment.
Who Qualifies For The Third Stimulus Check
Millions of Americans who were eligible for the $600 second stimulus checks could qualify for the third round of stimulus payments up to $1,400. However, many high-earning taxpayers who were eligible for previous stimulus checks are now excluded. The plan narrows income eligibility to exclude individuals earning over $80,000 and couples making over $160,000:
- Singles phase out at AGIs between $75,000 and $80,000.
- Heads of household phase out at AGIs between $112,500 and 120,000.
- Couples phase out at AGIs between $150,000 and $160,000.
Keep in mind that this is different from the sliding scale that was used to determine eligibility for previous stimulus payments. The IRS reduced second stimulus checks by 5% for the total amount made over the AGI limit. This means that payments went down by $5 for every $100 over the limit.
The table below breaks down third stimulus payments based on narrower income ranges for singles and joint tax filers:
|$1,400 Stimulus Checks With Narrower Income Ranges|
|$174,000 and up||$0|
If you want to get a specific breakdown, SmartAssets third stimulus check calculator will give you an estimate based on your filing status, AGI and dependents.
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All Stimulus Payments Have Been Sent Here Is What To Do If You Didnt Get Yours
The IRS has announced that all stimulus payments have been sent out more than 300 million in total! If you did not get one, here is what you need to do!
The IRS let people know this week that all of the hundreds of millions of stimulus checks have been sent out. This means that most people should have received them by now. Here is what you need to do if you did not receive your stimulus payment.
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I Claimed An Adult Dependent On My 2019 Or 2020 Taxes But That Person Is No Longer My Dependent What Should I Do
Check with your dependent to find out if theyve already filed a tax return since their dependent status ended. They may have already received a stimulus payment of their own. If they have not filed their own tax return and you receive a larger payment that accounts for your former dependent, you dont need to return it.
How Is The Third Stimulus Check Calculated
The stimulus plan mandates the treasury to rely on 2019 and 2020 tax returns to calculate how much you could get for the third round of stimulus checks.
Congress approved limits based on adjusted gross income ranges. This means that taxpayers making less than the minimum threshold could get the full stimulus check, while those earning above it get reduced payments until they are fully phased out at higher incomes.
You can find your AGI on IRS form 1040. This is calculated by subtracting deductions like student loan interest, health savings account payments, and contributions to a traditional IRA from your gross income.
By contrast, your gross income is the total amount of money that you made during the tax year, including wages, dividends, capital gains, rental property income and other types of revenue.
Your 2019 taxes had to be filed by July 15, 2020. And your 2020 taxes are due by the extended deadline of May 17. You can read more about when to file your tax returns for the third stimulus check, and other IRS requirements in two tax sections below.
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The Winter Storm Disrupts Fedex Walmart And Other Businesses
The winter storm that barreled across Texas and other states this weekend has severely disrupted business across much of the country, including those that Americans are deeply reliant on for the basic necessities, like retail stores and package delivery services.
Walmart has closed 500 stores in the Midwest, according to a map that was being updated in real time on the companys website. The safety of our associates and customers is our top priority, the company said in a statement.
The storm has caused delays across the vast package delivery networks that many people now rely on as shopping has shifted online.
FedEx said winter weather had caused substantial disruptions at its Memphis hub, which is the companys largest center, occupying 800 acres, and is normally capable of sorting nearly half a million documents and packages an hour. FedEx added that delays were possible across the United States for Tuesday deliveries.
UPS said weather could cause delays in areas not directly hit by the storms. Packages may take longer to get from one place to another, and many delivery services have big sorting hubs in the middle of the country to serve both the east and west coasts. Two of UPSs main air hubs are in Louisville, Ky., and Dallas, for example.
How Are Americans Using Stimulus Checks
The Federal Reserve Bank of New York says that households are spending a smaller percentage of their stimulus checks and saving more. The that households set aside just under 25% of their third-round payments for consumption. This share fell from just over 29% of first-round payments reported in June 2020 and almost 26% of second-round payments reported in January 2021.
The table below is based on all three SCE surveys and breaks down the average percentage of stimulus payments spent, saved and used to pay off debt:
|New York Fed SCE Breakdown of Stimulus Check Spending|
The New York Fed also says that households expect to spend an average 13% of the third stimulus check on essential items and an average 8% on non-essential items.
For a comparison, preliminary data collected by the U.S. Census Bureau from shows that the majority of stimulus recipients are almost three times more likely to use checks to pay down debt than add to their savings.
An earlier showed that the majority of recipients who got the first stimulus check spent their payment on household expenses. Adults with incomes between $75,000 and $99,999 told the Census that they would most likely pay off debt or add to their savings. While adults making less than $25,000 said they would use their stimulus to pay for expenses.
For those households that spent their first stimulus checks, the study says:
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Theres A Hidden Hurdle To Promoting More Diversity In Corporate Boardrooms
When Niki Christoff, a senior Salesforce executive, received an offer to join the board of a publicly traded company, she saw it as a signal that she was poised to break into a club long dominated by men. But what happened next revealed one of the biggest challenges facing companies efforts to diversify their boards, writes our columnist Andrew Ross Sorkin.
Many companies, like Salesforce, dont allow employees to join external boards alongside their day jobs, and especially not those below the senior-most ranks, where women and ethnic and racial minorities tend to be better represented. When Ms. Christoff asked for permission, she was rebuffed, and when she accepted the directorship, she was fired.
Mr. Sorkin describes the obstacle this presents:
With so many employees trying to overcome barriers to promotions at their own employers, this creates a kind of systemic impediment to diversifying boardrooms.
And with companies facing growing calls from investors and society to diversify their boards, a new fault line is being exposed in corporate America: Should companies let their managers spread their wings?
Ms. Christoff is eager to bring attention to the issue. People dont know that these policies exist, and its not just Salesforce that has this policy, she said. Its not uncommon to restrict board service to senior management. And so highlighting that issue to me feels important both from an equity perspective, but also from a business perspective.
North Dakota Lawmakers Vote Down A Bill That Threatened Apples And Googles Revenues
A North Dakota bill that an Apple executive had warned threatens to destroy iPhone as you know it died in a vote on Tuesday.
Three-quarters of North Dakotas 48 state senators voted against the bill, which sought to prohibit Apple and Google from forcing North Dakota companies to hand over a share of their app sales.
The bill targeted of up to 30 percent on many app sales. The companies brought in a combined $33 billion from those commissions last year, according to estimates from Sensor Tower, an app data firm.
Companies like Epic Games, Spotify and Match Group, along with some smaller app developers, have protested the commissions as artificially high, arguing that Apple and Google can only charge them because they are a duopoly and that app makers have little choice but to deal with them to reach customers. The two tech giants make the software that underpin nearly all of the worlds smartphones.
The bill attracted intense lobbying on both sides. Apple in particular feared it would set a dangerous precedent for its business, enabling app developers to avoid fees that have been crucial to its recent growth. Apple and its lobbyists warned that the bill could put North Dakota at risk of expensive lawsuits.
Apple declined to comment and Google did not immediately respond to a request for comment.
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The $19 Trillion Stimulus Law
The American Rescue Plan is the official name of that massive stimulus legislation enacted in March. It kicked the nations stimulus response into high gear.
Not only did it make the third round of payments possible. It also expanded the federal child tax credit, with Americans getting half of it this year as an advance payment. That advance will span six checks, which the IRS has started sending out monthly. All of which is to say, the 478 million figure we noted above is also a little incomplete.
It doesnt, for example, take into account the child tax credit checks that are coming once a month through December. In all, those will give millions of families as much as $1,800 this year for each eligible child. And theyll get the second half of the tax credit next year.
I Think I Got Paid Too Much Will I Have To Return My Stimulus Payment
During the first and second rounds of payment, if your stimulus amount was too much based on your income, you did not have to pay back the difference. That is likely to be the case for this round of payments as well.
If you received a payment in errorfor instance, for someone who died in 2020the IRS offers instructions for returning a payment.
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State And City Stimulus
Some states have also conducted stimulus payments, with many using funds from the Rescue Act.
Some states include California and Maine.
Under Californias Golden State Stimulus II program, it is estimated that a total of nine million Californians will be getting checks worth up to $1,100 before the end of the year.
The latest set of payments, which started going out on Monday, includes 794,000 paper checks worth more than $568million, the states public affairs office told The Sun.
Eligible Maine residents will continue to receive $285 stimulus payments until the years end.
Another city in California, Santa Ana, has started sending out $300 payments loaded on prepaid Visa debit cards.
“So far about 2,700 have been distributed and we plan to give out up to the full 20,000 cards either in person or notifying qualified residents by mail to pick them up,” a Santa Ana official told The Sun.
According to a statement by the city, those with poverty rates above the Santa Ana median of 42% will qualify for the support.
Also, thousands of St Louis, Missouri residents will be able to apply for $500 stimulus payments this weekend.
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More than 585,000 payments worth more than $1.2 billion were sent to people the IRS did not previously have on record who had recently filed returns.
This latest batch also included more than 570,000 “plus-up” payments worth almost $1 billion to people who the IRS found were eligible for new or additional sums after processing their tax returns.
The government plans to continue to issue new payments on a weekly basis.
It is also urging those who do not typically file taxes to submit a return this year in order to get their payments, including the homeless and rural poor.
Federal beneficiaries are also encouraged to file tax returns to ensure eligible dependents also receive their stimulus money. The Social Security Administration also just issued an announcement urging beneficiaries to file for the recovery rebate credit if they missed out on the first $1,200 or second $600 checks.
Filing a tax return not only helps the government assess whether additional stimulus money is due to you, it can also help determine whether you may be eligible for additional tax credits, such as the earned income tax credit or child tax credit.
The IRS provides more information on its website on how to claim your stimulus checks if you are not usually required to file a tax return.
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