A lot of Americans had not received their third stimulus checks by last fall. Nearly 650,000 of them were still looking for it. That’s a lot of people who probably were expecting their stimulus checks to help them out. Well, this news comes from a report that the U.S. Department of the Treasury published on Thursday. The payments had not reached these people as of mid-September 2021.
What To Know
- Nearly 650,000 Americans did not receive third stimulus checks by last fall.
- Money was technically an advance payment of a tax credit.
- IRS correctly issued payments to nearly 167 million Americans.
A Lot of Americans Are Still Waiting For Third Stimulus Checks
The American Rescue Plan authorized the federal government to send up to $1,400 to each person who qualified. This started in March 2021. It would be the third and last bunch of federal stimulus funds authorized by Congress during the COVID-19 pandemic.
This money is technically an advance payment of a tax credit, the Recovery Rebate Credit, that households can claim on their 2021 income tax return. The IRS correctly issued payments to nearly 167 million people as of Sept. 16, 2021 — almost 99.5 percent of the total, according to the report, published by the Treasury Inspector General for Tax Administration, a watchdog housed within the Treasury Department.
Additionally, the Treasury identifies 644,705 people who have not received a payment within that timeframe, the report said. These missing stimulus checks funds total $1.6 billion. An additional 294,000 people have been issued stimulus payments by federal government officials. Those payments’ arrivals are somehow delayed or the funds hadn’t yet been accessed, the report said.
Number of People Exactly Affected By This Is Unclear At This Time
So, it remains unclear how many people were exactly affected and did not receive payments since mid-September. An IRS spokesperson wasn’t able to elaborate on the contents of the report. Data suggests many of them did get their funds or that the IRS is evaluating the payments. We get more about this from CNBC.
Additionally, the report indicates more than 1.2 million total payments were to people who likely shouldn’t have gotten the money. They included ineligible dependents, non-U.S. residents, and duplicate payments made to households who changed their tax-filing status, for example.
“Delivering these payments was no small undertaking,” Kenneth Corbin, commissioner of the IRS wage and investment division, wrote in a response attached to the Treasury report. Americans who didn’t receive stimulus checks include many with eligible dependents. Some recipients of unemployment benefits should also have been eligible for a check after the IRS applied a new tax break, the report said. (That tax break effectively reduced their income below the necessary threshold to get a stimulus check.)