GREENSBORO, N.C. — The headline from Wednesday read IRS disperses Economic Impact Payments to VA beneficiaries. The headline is true, but it’s not the full story of the two-million payments that went out in one day.
Here is how the most recent payment went out:
320,000 to VA beneficiaries who don't normally file taxes
850,000 to folks who were eligible, but the IRS didn't have their information until now
700,000 to plus-up payments. These are extra payments for folks who got a stimulus payment but then filed taxes and were owed more money
72,000 to Social Security beneficiaries who didn't file taxes and didn't use the non-filers tool last year
Of the 2 million total payments, about 1.2 million direct deposit payments were made and nearly 800,000 checks were sent in the mail.
The IRS isn't done with all the stimulus payments as of yet. In fact, the IRS website confirms: The IRS will continue to make economic impact payments on a weekly basis.
And in case you missed it, The American Rescue Plan expanded the child tax credit in several ways. Families can receive 3,000 for each child from 6 to 17 years of age and $3,600 for each child under the age of 6 for the 2021 tax year.
The plan is to do monthly installments of $167 to $300 dollars depending on your adjusted gross income. The checks starting coming in July and run through December. The remainder owed to you will then be claimed when you file your 2021 taxes.
EVEN IF YOU DON'T FILE TAXES, YOUR 2020 RETURN MAY BE THE ONLY WAY TO GET YOUR STIMULUS MONEY
This is the ONLY way for you to possibly claim the rest of the stimulus money. The IRS has nine options for you to file for FREE electronically. In fact, any taxpayer or family making less than $72,000 a year can file for free.