Stimulus update: More than 1.5million taxpayers getting $1,600 refunds – here’s how to track your cash

MORE than 1.5 million taxpayers are set the receive checks from the IRS this week in the latest round of refunds based on adjusted unemployment compensation.

Those taxpayers are in line to receive funds averaging more than $1,600 based on their previously filed income taxes.

The America Rescue Plan, signed into law by President Joe Biden in March, excludes up to $10,200 in unemployment from taxable income for individuals and married couples with an adjusted gross income of $150,000 or less.

Those who filed their taxes before the plan was passed are possibly eligible for a refund on the overpayment of taxes on unemployment compensation.

Refunds started being sent by direct deposit on July 28th; paper checks will start being sent on July 30th.

To qualify for the payment, a taxpayer must've been on unemployment benefits for at least one week in 2020.

Most taxpayers will receive the funds automatically, and shouldn't have to do anything in order to receive a payment.

'MINIMIZING THE BURDEN'

“The IRS effort focused on minimizing the burden on taxpayers so that most people won’t have to take any additional action to receive the refund,” the agency said.

“The IRS review means most taxpayers affected by this change will not have to file an amended return because IRS employees have reviewed and adjusted their tax returns for them.”

The payments mark the fourth round of refunds related to unemployment compensation.

Since May, the IRS has issued more than 8.7 million unemployment refunds totaling around $10 billion.

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Additional payments are expected later this summer. The first round went to those with the simplest tax returns, followed by people who filed more complex returns.

The average refund amount is higher for this round, the IRS said, because it included adjustments to the Advance Premium Tax Credit (APTC).

APTC is a credit that can be used to lower monthly health insurance premiums.

MILLIONS FURIOUS OVER DELAYS

Upwards of 15.6 million furious Americans are still waiting for their tax returns, stimulus funds, and child tax credit payments.

Following their 2020 tax return, some families have become eligible for expanded child tax credits.

However, the delay in returns has meant that some people who have become eligible for the cash recently have not yet received it.

Others are waiting for their tax refunds - which will be issued to them if they have paid too much in taxes in the past year.

In a statement, the agency said: "The IRS continues to work hard to process tax returns and amended returns to ensure that taxpayers receive the correct refund.

"For taxpayers who qualify for the Advanced Child Tax Credit or Economic Impact Payments after their returns or amended returns are processed, we will automatically make any additional payments.

"The IRS understands the importance of these payments, and we appreciate the patience of taxpayers during this unprecedented period."