It probably covers more than half of the households eligible for this third round of payments, which were included in the $ 1.9 billion Covid relief bill signed less than a week ago by President Joe Biden.
The agencies said the majority of the first series of payments were sent via direct deposit and all recipients had access to the funds on Wednesday.
The government also mailed about 150,000 paper checks.
Click here to access the IRS Get My Payment tool to check the status of your payment.
More amounts of payments will go out in the coming weeks through direct deposit, paper checks and prepaid debit cards.
No action is required for most people to receive the money. Recipients of social security and those who receive benefits for veteran matters should also receive the money automatically, even if they do not file taxes.
People can check the status of their payments using the IRS ‘Get My Payment tool online.
Who gets a payment?
The payments amount to $ 1400 per person and are expected to reach 85% of the households, according to the White House.
Families receive $ 1400 extra per dependent, so a couple with two children can receive up to $ 5,600. Unlike previous rounds, families will now receive the additional money for adult dependents older than 17 years.
The full amount goes to individuals earning less than $ 75,000 in adjusted gross income, heads of households (such as single parents) earning less than $ 112,500 and married couples earning less than $ 150,000. But then the payments are gradually withdrawn as the income increases.
Legislators this time limited the amount of payments so that not everyone who received a previous check will now receive one. It cuts off individuals earning at least $ 80,000 a year in adjusted gross income, heads of households earning at least $ 120,000 and couples earning at least $ 160,000 – no matter how many children they have.
In what year is the income limited?
The new income thresholds will be based on the tax return’s most recent return. If they have already filed a 2020 return by the time the payment is sent and processed, the IRS will base the suitability on their 2020 adjusted gross income. If not, it will be based on the 2019 return or the information submitted by an online portal set up last year for people who do not normally file tax returns.
If your income for 2019 was less than your salary in 2020, you will not owe any money back. But if your income dropped in 2020, your tax return now – before the payments go out – could mean you get a bigger check.
MORE: What to know about the third stimulus checks and tax filing season
Reach those who need it most
Most people receive the payments automatically, but there are many who have missed them – for various reasons. It is estimated that 8 million qualifying people did not receive the first round of payments delivered last year.
Many of these people have very low incomes and they usually do not have to file tax returns. Last year, the IRS set up an online portal where they could register for the money.
At present, the IRS has no plans to reopen the portal. Instead, officials are encouraging people to file 2020 tax returns. Low-income people can use the agency’s free file option.