In the span of two weeks, the agency has disbursed about 127 million payments, worth roughly $325 billion, according to a joint news release from the Treasury Department, IRS and Bureau of the Fiscal Service.
The latest round, worth about $83 million, was sent mostly to eligible taxpayers who provided direct deposit information on their 2019 or 2020 returns, although the IRS said it also mailed out paper checks and pre-paid debit cards.
Additional tranches will be sent out in coming weeks, the IRS said. It did not provide more guidance about when Americans can expect to see the money land in their bank accounts.
If you haven't received your payment yet, you can check its status using the IRS' Get My Payment tool. The first payments will go to Americans with direct deposit set up, according to previous IRS guidance. After that, the agency will mail paper checks and pre-paid debit cards to anyone who qualifies for the money.
The cash payments included in Biden's stimulus bill are the largest yet, with some Americans eligible to receive up to $1,400. But like the previous rounds of checks — worth a respective $1,200 and $600 — some people will be excluded from getting the money.
Under the legislation, individuals with an adjusted gross income of $75,000 or less and couples with an adjusted gross income of $150,000 or less are eligible to receive a one-time payment of $1,400.
Americans who earn more than the threshold line will still receive a partial check. But payments are cut off for individuals who earn $80,000 a year or more and couples who earn $160,000 a year or more. For those filing as head of household, the phaseout begins at $112,500 and tapers off at $120,000.
The checks are directly tied to your latest processed tax returns, either from 2020 or 2019.
If you didn't qualify for the latest round of checks based on 2019, but you do qualify now, you should file your taxes as soon as possible, even though the IRS extended the typical filing deadline from April 15 to May 17.
Americans who saw their income reduced or lost their job, or who had a child, got married or could no longer be claimed as a dependent last year, should consider filing their tax return as soon as possible in order to guarantee they receive a stimulus payment.