AMERICANS leave over $ 1.77 billion worth of Covid-19 cash unclaimed.
The Internal Revenue Service (IRS) records show the country declined or simply not cashed 1,315,717 checks – that’s a whopping $ 1.77 billion in unclaimed stimulus checks from the first round of stimulus checks, issued during former President Donald Trump’s fiscal response to the pandemic.
Read our stimulus checks live blog for the latest updates on Covid-19 help …
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Americans either turned their backs or simply failed to cash 1,315,717 first-round Covid-19 stimulus checksPhoto credit: Getty
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After the initial response from President Donald Trump’s administration, a whopping $ 1.77 billion in incentives was undrawnPhoto credit: Getty
The amount posted was tallied after the IRS posted records to KDVR.
It’s the same cost estimated to build the California bullet train project, and is the same as the build result for building the new 65,000-seat Las Vegas Raiders NFL stadium.
Predictably, the five most populist US states left $ 650 million of the total on the table.
California took the title with the most unredeemed stimulus checks with 130,243, followed by Florida with 96,342 and Texas came third with 96,918. New York and Pennsylvania followed closely behind, according to KDVR.
The money is part of the federal government’s financial relief under the US $ 1.9 trillion rescue plan secured by President Joe Biden.
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The most populist states of California, Florida, Texas, New York, and Pennsylvania led the country on the unclaimed stimulusPhoto credit: Getty
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The money comes from the first round of economic activity, which was created to respond to the financial impact of the Covid-19 pandemicPhoto credit: Getty
In order not to waste it, there are some important ways to collect it.
Americans suffering the financial blows of the pandemic have already received more than 163 million payments worth approximately $ 390 billion.
There are also $ 10,200 refunds available to Americans who filed unemployment taxes earlier this year and made less than $ 150,000 in modified adjusted gross income.
With all the ways to collect, however, many continue to wait for their stimulus check to arrive or fail to realize that they may be eligible to collect.
After tax returns were postponed to May 15, the IRS began distributing “weekly” stimulus payments to limit errors and avoid an overwhelming backlog, the IRS announced in March.
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There are a variety of ways to track and raise stimulus funds that both the IRS and the U.S. Post Office have created to help eligible Americans obtain financial assistancePhoto credit: Getty
Last month, the most recent third-round dispatch, Covid-19 relief checks reached $ 4.2 billion.
There were more than 1.2 million direct deposits and approximately 1.1 million paper checks from Economic Impact Payments (EIP) in the mail, Yahoo! Messages confirmed.
The IRS Get My Payment assists eligible individuals and families to receive daily updates on their stimulus check status.
If there is any problem with overpayment, the website provides warnings and details to help people resolve it.
The agency encourages people to create an IRS account that will help analyze key details on past and current tax returns to find out the status of the stimulus.
The IRS determines eligibility largely based on tax returns.
So if you’ve fallen off the books, or moved, or had a radical life change, they tailored tax software to be up to date and then potentially make it easier to send a check out.
And if a paper check or EIP debit card is the form of payment that comes in the mail, then there is a nifty tool the US Postal Office tool called Informed Delivery.
You may not receive another Stimulus Check – but you could get a new payment starting July 2021
