That likely covers more than half of the households eligible for this third round of payments, which were included in the $ 1.9 trillion Covid bill signed into law less than a week ago by President Joe Biden.
A majority of these first batch of payments were sent via direct deposit, and all of those recipients will have access to the funds on Wednesday, the agencies said.
The government has also mailed about 150,000 paper checks.
Click here to access the IRS Get My Payment tool to check the status of your payment.
In the coming weeks, more batches of payments will be made via automatic deposit, paper checks and prepaid debit cards.
For most people, no action is required to receive the money. Social Security recipients and those who receive Veteran Affairs benefits should also get the money automatically, even if they don’t file taxes.
People can view the status of their payments online using the IRS’s Get My Payment tool.
Who gets a payment?
The payments are worth up to $ 1,400 per person and are expected to reach 85% of households, according to the White House.
Families receive an additional $ 1,400 per dependent, so a couple with two children can receive up to $ 5,600. Unlike previous rounds, families now get the extra money for adult dependents over the age of 17.
The full amount will go to individuals earning less than $ 75,000 in adjusted gross income, householders (such as single parents) earning less than $ 112,500, and married couples earning less than $ 150,000. But then payments are gradually phased out as income increases.
Lawmakers have narrowed the scope of payments this time around so that not everyone who received a previous check will get one now. It cuts off individuals who earn at least $ 80,000 a year in adjusted gross income, householders who earn at least $ 120,000, and married couples who earn at least $ 160,000 – regardless of how many children they have.
What year are the income limits based on?
The new income thresholds are based on the most recent taxpayer return. If they’ve already filed a 2020 return by the time the payment is sent and processed, the IRS will base the eligibility on their adjusted gross income for 2020. If not, it will be based on the return for 2019 or the information submitted through an online portal set up last year for people who don’t usually file a tax return.
If your income in 2019 was lower than your wage in 2020, you no longer owe any money. But if your income fell in 2020, filing your tax return now – before the payments are made – could mean you’re getting a bigger check.
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Reach those who need it most
Most people receive the payments automatically, but there are many they missed – for a variety of reasons. An estimated 8 million eligible people did not receive the first round of payments last year.
Many of these people are on very low incomes and do not normally need to file a tax return. Last year, the IRS set up an online portal where they could register for the money.
At this point, the IRS has no plans to reopen the portal. Instead, officials are encouraging people to file tax returns for 2020. Low-income people can use the agency’s free file option.