The third round of economic impact payments, valued at up to $1,400 each, was passed as part of President Joe Biden’s $1.9 trillion American Rescue Plan. The Treasury Inspector General for Tax Administration described the errors and discrepancies with the distribution of the payments in a Thursday report.
The review of processed tax returns identified 644,705 eligible individuals who had not received their payments by September 16 of last year; those missing funds totaled $1.6 billion, according to the office.
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“These include individuals who have an [individual taxpayer identification number] who did not receive a payment for their eligible dependents with a valid [social security number] and individuals who were eligible based on the IRS’s adjustment of their unemployment income exclusion from taxable income,” the report read.
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The watchdog also recalled 294,274 people who were given a stimulus payment but whose access to their stimulus funds was inhibited or had not yet accessed the funds.
In addition to those who were eligible and didn’t obtain their payments, the report found that an estimated 1.2 million people who received the last round of stimulus checks were “potentially ineligible” to receive those payments, an amount totaling $1.9 billion. The Washington Examiner reached out to the Treasury Department for further clarification about those 1.2 million individuals but did not receive a response.
The report concluded that the IRS correctly issued payments to 167.4 million people by mid-September, about 99.5% of the total.
The third round of payments passed under Biden began hitting bank accounts in March of last year after the American Rescue Plan was signed. The first and second rounds of stimulus payouts, sent out under then-President Donald Trump, included allocations worth up to $1,200 and $600.
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The Internal Revenue Service announced that the settlement date for the first wave of stimulus payments would be done by direct deposit on Wednesday, according to Nacha, which is the organization that oversees the ACH Network payment system.
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The banks will receive the funds at 8:30 am, a time set by the IRS, and banks and credit unions must make the funds available to account holders 30 minutes later, according to Nacha rules.
“This is literally the moment in time when the money will be transferred from the government to banks and credit unions settlement accounts at the Federal Reserve,” Nacha said in a statement. “There is no mystery where the money is from the time the first payment file was transmitted on Friday, March 12 to when all recipients will have access to the money on Wednesday — it is still with the government.”
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