NEARLY half a million stimulus payments have just been sent out by the IRS.
The payments stem from President Joe Biden’s US bailout and his IRS unemployment tax refunds.
The 430,000 payments total more than $510 million to taxpayers.
The payments are being sent because many Americans filed their 2020 taxes before the stimulus bill passed in March.
That’s why the IRS started looking through completed returns for people who overpaid.
“Earlier this year, the IRS began reviewing tax returns filed before ARPA went into effect to identify excludable unemployment benefits,” the IRS said in a statement.
“To date, the IRS has made more than 11.7 million repayments for a total of $14.4 billion.”
Refunds average about $1,189 per person, and another set of corrections are planned to be released before the end of 2021.
It is unclear when these payments will be made, as the IRS has not given a time frame.
However, most people do not need to take any further action to receive their payments.
Read our stimulus checks live blog for the latest updates on Covid-19 aid…
For anyone who has questions or needs more information, they can visit the “2020 Unemployment Benefit Exclusion FAQ” page on the IRS website.
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