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Internal Revenue Service (IRS)

 

Information On Economic Impact Payments (EIP)

Key Points:

  • The eighth batch of Economic Impact Payments disbursed under the American Rescue Plan are now being delivered
  • This batch includes over 1.1 million payments totaling over $2 billion
  • More than 585,000 payments, with a value of over $1.2 billion, went to eligible individuals for whom the IRS did not previously have information to issue an Economic Impact Payment but who recently filed a tax return
  • More than 570,000 “plus up” payments, with a value of nearly $1 billion, went to people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns
  • This brings total EIPs disbursed under the ARP so far to approximately 164 million payments, with a total value of approximately $386 billion

The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for “plus-up” payments.

Individuals can check the Get My Payment tool on IRS.gov to see the payment status of these payments.

Additional information on Economic Impact Payments is available on IRS.gov.

For additional questions about the IRS or our services, please contact one of our offices!

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Topic: Advance Child Tax Credit Payments in 2021

IRS is sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15

Key Points:

  • IRS has begun sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.
  • The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March.
  • Families who are eligible for advance Child Tax Credit payments will receive a second, personalized letter listing an estimate of their monthly payment, which begins July 15.
  • Most families do not need to take any action to get their payment. Normally, the IRS will calculate the payment amount based on the 2020 tax return.  If that return is not available, either because it has not yet been filed or it has not yet been processed, the IRS will instead determine the payment amount using the 2019 return.
  • Eligible families will begin receiving advance payments, either by direct deposit or check. The payment will be up to $300 per month for each qualifying child under age 6 and up to $250 per month for each qualifying child ages 6 to 17.
  • The IRS will issue advance Child Tax Credit payments on July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.
  • The IRS urges individuals and families who haven’t yet filed their 2020 return – or 2019 return – to do so as soon as possible so they can receive any advance payment they’re eligible for.
  • Filing soon will also ensure that the IRS has their most current banking information, as well as key details about qualifying children. This includes people who don’t normally file a tax return, such as families experiencing homelessness, the rural poor, and other underserved groups.
  • For most people, the fastest and easiest way to file a return is by using the Free File system, available only on IRS.gov.
  • Throughout the summer, the IRS will be adding additional tools and online resources to help with the advance Child Tax Credit. One of these tools will enable families to unenroll from receiving these advance payments and instead receive the full amount of the credit when they file their 2021 return next year.
  • The IRS has created a special Advance Child Tax Credit 2021 page at IRS.gov/childtaxcredit2021, designed to provide the most up-to-date information about the credit and the advance payments.  In the next few weeks, the page will include an online Child Tax Credit Update Portal.

You can find the currently available information and more details at Advance Child Tax Credit Payments in 2021 on IRS.gov. As noted above, information on this IRS.gov page will be updated as more details are available.

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Topic: How taxpayers can check the status of their federal tax return

Key Points:

With tax day now in the rearview mirror, many are looking for information on the status of their tax returns, refunds and Economic Impact Payments.

Taxpayers can start checking the status of their return and refund 24 hours after an e-filed return is received by using the IRS’s Where's My Refund? tool.

The tool shows progress in three phases:

  • Return received
  • Refund approved
  • Refund sent

The Where’s My Refund? tool provides a personalized refund date after the return is processed and a refund is approved. In addition to the IRS website, taxpayers can access the Where's My Refund? tool by downloading the IRS2Go app. More information is available at Refund FAQs.

Taxpayers can get the most current information on their Economic Impact Payments (EIP3) using the IRS’s Get My Payment tool. Help using the tool and understanding its personalized results is available at Get My Payment Frequently Asked Questions.

By setting up a secure Online Services Account, taxpayers can view their tax accounts without having to contact the IRS.

Taxpayers can request a tax account transcript by mail at Get Transcript or by sending in IRS Form 4506-T, Request for Transcript of Tax Return. When a return is filed electronically, a transcript is normally available in 2 – 4 weeks.