On July 21, the Internal Revenue Service announced it sent out an additional 2.2 million Economic Impact Payments. With the additional payments, the American Rescue Plan has now distributed 171 million payments with a total value of over $400 billion.
The IRS continues to send out payments each week. The 2.2 million payments had a value of approximately $4 billion. These included 1.3 million distributions to individuals who were previously not known to the IRS because they were not typically required to file tax returns. These individuals received an Economic Impact Payment by filing a 2020 tax return, many used the IRS Free File system.
There were also 900,000 "plus-up" payments with a value of $1.6 billion. These were paid to individuals who based on filing their 2020 tax return qualified to receive the supplemental payments.
The IRS reminds taxpayers that they may file at any time....More