Treasury, IRS Announce Delivery of 159 Million Economic Impact Payments
Summary
Press release of the U.S. Department of the Treasury, June 3, 2020, in which Treasury and the IRS report that 159 million Economic Impact Payments worth more than $267 billion went out to Americans in two months. The totals exclude more than $2.5 billion delivered to U.S. territories for territory residents. By delivery method, 120 million payments were direct deposits, 35 million were checks and 4 million were pre-paid debit cards. Secretary Steven T. Mnuchin is quoted, and the release explains what non-filers, filers still waiting for a payment, and people owed more, including the $500 per dependent, should do, with the Non-Filers Tool open until October 15.
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“Treasury, IRS Announce Delivery of 159 Million Economic Impact Payments | U.S. Department of the Treasury.”
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U.S. Department of the Treasury Press Releases Treasury, IRS Announce Delivery of 159 Million Economic Impact Payments June 3, 2020 WASHINGTON —The U.S. Department of the Treasury and IRS announced today that 159 million Economic Impact Payments, worth more than $267 billion, have been distributed to Americans in two months. Payments have been sent to all eligible Americans for whom the IRS has the necessary information to make a payment. These totals do not include the more than $2.5 billion that have been delivered to U.S. territories for payment to territory residents. “The Trump Administration has delivered 159 million Economic Impact Payments worth more than $267 billion to Americans in record time,” said Secretary Steven T. Mnuchin. “These payments are an integral part of our commitment to providing much-needed relief to the American people during this unprecedented time.” The last time a similar effort was undertaken, it took over two months to make 800,000 payments. Of the Economic Impact Payments, 120 million were sent to Americans by direct deposit, 35 million by check and 4 million payments were made in the form of a pre-paid debit card . For EIP figures, click here . Even with these unprecedented efforts, there are eligible Americans who still did not yet receive their payments, and need to take action. Individuals who do not normally file taxes and have not received my Economic Impact Payment. Individuals who do not normally file taxes and have not yet received their Economic Impact Payment should use the Non-Filers Tool . Americans who did not file a tax return in 2018 or 2019 can submit basic personal information to the IRS so that they can receive payments. This tool will remain available until October 15 and anyone who registers by October 15 will receive their payment by the end of the year. The Non-Filers Tool can be found here. Individuals who do file taxes, and believe they are eligible for an Economic Impact Payment, but haven’t received one. Individuals who do file taxes, and believe they are eligible for an Economic Impact Payment, but haven’t received one will be able to claim their payment when they file their 2020 tax return. If you need the payment sooner, you may call the IRS Economic Impact Payment line at 800-919-9835. Call volumes are high, so call times may be longer than anticipated. Individuals who think their Economic Impact Payment was incorrect. Payment amounts vary based on income, filing status and family size. If you filed a 2019 tax return, the IRS used information from it about you, your spouse, your income, filing status and qualifying children to calculate the amount and issue your Payment. If you haven’t filed your 2019 return or it has not been processed yet, the IRS used the information from your 2018 return to calculate the amount and issue your Payment. If you did not receive the full amount to which you are entitled, you will be able to claim the additional amount when you file your 2020 tax return. Individuals who have dependents and did not receive the $500 per dependent If you did not receive the full amount for a dependent to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return. For more Information on the Economic Impact Payment, including answers to frequently asked questions and other resources, visit IRS.gov/coronavirus . #### Use featured image Off
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