Stimulus Check Update: $395 Billion in Funds Disbursed
by Maurie Backman | Updated July 25, 2021 - First published on June 14, 2021
The IRS has sent out more money to the public. Here's the latest tally.
The stimulus checks that have been hitting Americans' bank accounts since mid-March have been a lifeline for many people. And the IRS is still busy getting that money out.
Another massive batch has been disbursed
Last week, another batch of stimulus payments totaling over $4.2 billion went out to the public in an effort to ensure that everyone who's entitled to a piece of that pie collects it. That breaks down into 2.3 million additional payments.
All told, more than 169 million payments have gone out to the public since the $1.9 trillion American Rescue Plan was signed into law in mid-March. That relief bill not only approved this third round of stimulus checks, but also boosted unemployment benefits and expanded the Child Tax Credit.
To date, the IRS has given out about $395 billion in stimulus funds, some of which have come in the form of direct deposit and some of which arrived in the mail in the form of a check or debit card. This most recent stimulus round also included 1.1 million plus-up payments -- those that are due to families who were owed more money than they initially got due to changes in their taxes.
Are you still missing a stimulus check?
At this point, the IRS has been issuing stimulus payments for about three months, but that doesn't mean that everyone who's entitled to one has received it. If you're missing that money, it pays to file a 2020 tax return, even though the official deadline to do so has passed. There's no penalty for filing taxes late if you don't owe the IRS any money, and at this point, submitting a return may be the only way to claim the funds that are rightfully yours.
Furthermore, if you didn't get a stimulus check from the first two rounds that went out (those checks were worth $1,200 and $600, respectively), you'll need to file a 2020 tax return and claim the Recovery Rebate Credit.
In addition to securing your stimulus funds, filing a tax return could also help ensure that you receive the payments you're entitled to under the newly expanded Child Tax Credit. Monthly payments for that credit are set to begin going out in July, so the sooner you're able to get your tax return in, the better.
That said, the IRS just announced that it will be opening up a portal for non-filers who want to register for the Child Tax Credit. That may help put some money in your pocket, but if you want your stimulus, you may have no other choice but to file that return.
If you have an income of $72,000 or less, you can file your tax return for free electronically using an IRS partner site. If your taxes are simple -- meaning, you're a salaried worker with no income outside of your job -- then you should be fully equipped to file a return yourself, even if you've never done one before. The software you use should do a good job of guiding you through the process so you can give the IRS the information it needs to send a stimulus payment your way.
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