The IRS to receive 130 M economic impact payments

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The IRS to receive 130 M economic impact payments

The IRS and Treasury Department on Thursday night said the administration has disbursed 130 million Economic Impact payments worth approximately$ 335 billion as it prepares to send a large set to Social Security and other Federal beneficiaries.

The payment for economic impact has been sent in batches; the third, which was started processing at the end of last week, contains around 4 million checks and direct deposits with a total value of more than$ 10 billion. People can receive money in this batch of$ 1,400 payments if they have received payments earlier in March based on their 2019 tax return, but are actually eligible for additional money based on a recent 2020 return.

This could happen, for example, if an individual experienced a loss of income. People for whom the IRS did not have any information but have recently filed a tax return will be included too. BIDEN PROMISES TO CRACK DOWN ON WEALTHY TAX EVADERS BY FUNDING IRS ENFORCEMENT On Friday, the IRS and Treasury Department said a set of payments will start going out to Social Security and other beneficiaries of federal programs who did not file a 2019 or 2020 tax return and did not use the non-filers tool last year.

The payments will be made beginning this weekend with a target of reaching the majority of banks by the middle of next week.

According to the Social Security Administration, this cash is not expected to be sent via prepaid debit cards. CLICK HERE TO READ MORE ON FOX BUSINESS.

The IRS also said it is reviewing payments for recipients of Veterans Affairs benefits and estimates that stimulus checks for recipients who do not normally file tax returns could be disbursed by mid-April.

Individuals can check the Get My Payment tool for more information about their payments.

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