The latest batch of $1,400 stimulus checks are sent. Social Security beneficiaries received most of the money

• A fourth batch of $1,400 stimulus checks has been issued.
• This time, Social Security beneficiaries received most of the money.
• Here's a breakdown of who else is due to receive a payment.

A fourth batch of more than 25 million $1,400 stimulus payments has been sent, and this time Social Security beneficiaries received most of the money.

The IRS announced on Wednesday that new stimulus checks totaling more than $36 billion had been issued. Those payments began processing on Friday, April 2, and had an official payment date of April 7.

The new batch brings the total payments issued to date to more than 156 million, or about $372 billion.

The $1,400 stimulus checks were authorized by Congress in March. They include payments of up to $1,400 per person, plus $1,400 per eligible dependent, as long as they are under certain income thresholds and meet certain other requirements.

More from Your Money, Your Future:
Trump's payroll tax would 'terminate' Social Security, critics say
Self-employed people may miss out on payroll tax break
Why college students might get less financial aid next year

More than 19 million payments representing more than $26 billion went to Social Security beneficiaries who neither filed 2019 or 2020 tax returns nor used the IRS non-filer tool last year. That includes people who receive Social Security retirement, survivor or disability checks.

In addition, more than 3 million payments — or about $5 billion — were issued to Supplemental Security Income beneficiaries.

Approximately 85,000 payments worth more than $119 million went to Railroad Retirement Board beneficiaries.

The new batch also included more than 1 million "plus-up" payments amounting to more than $2 billion for people who are eligible for additional money now that their 2020 tax returns have been processed.

In addition, more than 1 million stimulus checks — approximately $3 billion — were issued to people who recently filed tax returns in order to get their payments because the government did not have them on record.

The IRS plans to start processing payments for Veterans Affairs beneficiaries who do not normally file tax returns this week. The official payment date for those checks that are sent electronically will be April 14.

Additional payments are also slated to go out as the IRS continues to process 2020 tax returns. That will prompt additional top-up payments and money to those who the government did not previously have on record. Those payments will be sent on a weekly basis going forward, the tax agency said.

Generally, people do not need to take action in order to receive their stimulus checks, the IRS said.

However, some people may want to file tax return in order to get the money for which they are eligible.

Federal beneficiaries who have dependents who also qualify for stimulus payments may want to submit returns to ensure they get full payments.

People who do not normally file tax returns or receive federal benefits, such as the homeless or rural poor, are also encouraged to submit their information in order to get their stimulus checks.

Resources to file free tax returns are available on the IRS website. The IRS offers free filing options for those who earn $72,000 or less. In addition, there are free electronic forms available for those who have incomes above $72,000.

Filing a 2020 tax return can also let people claim a recovery rebate credit if they missed out on the previous $1,200 or $600 stimulus checks.

In addition, people can check on the status of their payment by using the IRS' Get My Payment tool.

Source: Read Full Article