IRS Has Announced A Stimulus Check Payment Of $1,232

Social Security Rental Assistance Program
Rental Assistance Program

The American Rescue Plan Act that came into existence with the incumbent President of the country went on to provide a stimulus check payment of $1,400 to most of the eligible dependents and adults.

But it also did a whole lot more than that- in fact, there are certain provisions in the Act that are still paying off the taxpayers to date. On the 6th of January, the IRS went on to announce that it would be sending close to 12 million tax refunds to a certain section of the American population. These payments will be issued to individuals who have been considered eligible to receive the extra money back due to the American Rescue Plan Act. The refunds come to a total of around $14.8 billion, with the average amount for eligible individuals coming to $1,232.

Stimulus Check Payments Coming In From The IRS

These payments will be coming from the IRS because most of the people had already submitted their tax returns before the American Rescue Plan Act had been passed. As a result of this, they also declared their prior income- while paying taxes on it. The IRS then went on to review the tax forms that had been submitted before the passage of the American Rescue Plan Act- specifically in order to determine who had been affected by this law change. On the 6th of January, the IRS also indicated that it had conducted the review and was now sending stimulus check payments worth $14.8 billion- sent to around 12 million people. 

Anyone who has already paid their taxes on the unemployment compensation that they earned in 2020 will be eligible for this money back from the IRS after this review. The IRS also indicated that it had made corrections to the tax returns for several other issues which were related to the Earned Income Tax Credit- and other stimulus check payments or the American Opportunity Tax Credit.