Blog

Get a Free Consultation

Welcome to our Blog

Stay up to date with the latest in the tax world!

IRS, Treasury release state-by-state data on third round of Economic Impact Payments

Tuesday, June 29, 2021

 

WASHINGTON — The Internal Revenue Service and the Treasury Department released information today detailing how many people in each state received
the third round of Economic Impact Payments through early June.
The new details, available at SOI Tax Stats – Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Statistics,
are through June 3 and provide a look at the number of payments by state XLS, income category XLS,
filing status XLS and other features.

The IRS continues to distribute Economic Impact Payments and the related 2020 Recovery Rebate Credit on a weekly basis as people continue to file income tax returns and as returns are processed. 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.

The statistics released today provide details on more than 163 million payments worth approximately $390 billion.

Special reminder for those who don’t normally file a tax return

Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic
Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit,
the Child Tax Credit and the Earned Income Tax Credit. Filing a 2020 tax return will also assist the IRS in determining whether someone is
eligible for an advance payment of the 2021 Child Tax Credit, which will begin to be disbursed this summer.
For example, some federal benefits recipients may need to file a 2020 tax return – even if they don’t usually file – to provide information the
IRS needs to send payments for a qualifying dependent. Eligible individuals in this group should file a 2020 tax return as quickly as possible
to be considered for an additional payment for their qualifying dependents.
People who don’t normally have an obligation to file a tax return and don’t receive federal benefits may qualify for these Economic Impact Payments.
This includes those experiencing homelessness and others. Individuals who didn’t get a first or second round Economic Impact Payment or got less than the full amounts may be eligible for
the 2020 Recovery Rebate Credit, but they’ll need to file a 2020 tax return.
See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren’t required to file a tax return.
Free tax return preparation is available for
qualifying people.
The IRS reminds taxpayers that the income levels in this third round of Economic Impact Payments have changed. This means that some people won’t
be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit.
Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly). The
payments end at $80,000 for individuals ($160,000 for married filing jointly); people with Adjusted Gross Incomes above these levels are ineligible
for a payment.
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

 

Advocates of Love Charity

When you signup with Alliance Tax Solutions, a portion of our proceeds go to support this amazing organization

Advocates of Love is the only children’s home to help orphan and vulnerable children in the Samana Province, Dominican Republic. Founded by Mike Clark in 2013, this charity has provided care and eduction for children in one of the most povery stricken areas.

Click Here To Learn More

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don’t look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn’t anything embarrassing hidden in the middle of text.

 

CALL TODAY (833) 452-0411 FOR TAX HELP, OR LET US CONTACT YOU

    “By entering your phone number and clicking the “Get Started” button, you provide your electronic signature and consent for Alliance Tax Solutions or its service providers to contact you with information and offers at the phone number provided using an automated system, pre-recorded messages, and/or text messages. Consent is not required as a condition of purchase. Message and data rates may apply.”

    Contact Us Now