Where’s My Third Stimulus Check? IRS Confirms New Batch Of Payments

The Treasury Department has announced another wave of stimulus checks slated for Wednesday. While many are still waiting for their checks, $242 billion in direct payments has already been distributed, CNBC noted.

The Biden administration has been vague on the exact number of checks going out, saying only that a “large number” of physical payments will be going out on March 24. The first round sent out 90 million relief checks.

Those funds can come in the form of a check or pre-paid debit card. Recipients may also find the funds deposited directly into their bank account. No direct action by those receiving checks is necessary to get them.

The standard payout is $1,400, with an additional $1,400 per child or adult dependent. The amount diminishes at higher incomes, eventually reaching $0 at $80,000 for individuals, $120,000 for heads of households and $160,000 for married couples.

Eligibility for the checks is determined using the information on tax returns, automatically applying anyone who has data on record. The IRS will also be using records from federal benefits, considering anyone who uses Social Security, Supplemental Security Income or Veterans Affairs.

The IRS encourages those not already in any of those categories to file their 2020 tax returns to ensure they’re considered.

The agency has also created an online tool to help people track their checks and eligibility directly, which can be found here.

While millions have already received their payments, the added work has left the IRS buried under a mountain of unprocessed tax returns built up over two years. A tax break for those on unemployment assistance will likely force them to refile, compounding the IRS’ work.