The Internal Revenue Service sent out COVID-19 relief checks to more than 25 million Americans in the fourth round of payments, which brings the total payments from the last stimulus package to more than 156 million payments, worth 372 billion dollars.
The majority of payments were distributed mostly by direct deposits and paper checks. For those stimulus check payments landing in bank accounts, there is a term worth knowing – IRS Treas 310. Here comes more information on the processes for the IRS’ payments and what IRS Treas 310 means.
Who received the bulk of the checks?
The largest chunk of payments in the fourth round went to Social Security beneficiaries who didn’t file a 2020 or 2019 tax return and didn’t use the non-filers tool last year, the IRS said. Over 19 million payments went to social security retirement beneficiaries and survivor or disability beneficiaries. Veterans were not included in the fourth round of payments.
Of the 19 million payments, nearly 5bn dollars went to SSI beneficiaries and 119m dollars went to Railroad Retirement Board beneficiaries.
What about VA beneficiaries?
Payments for VA beneficiaries who didn’t file a 2020 or 2019 tax return and didn’t use the non-filers tool last year will be disbursed on April 14, the IRS said.
“If no additional issues arise, the IRS expects to begin processing these VA payment files at the end of this week,” the agency said. “Because the majority of these payments will be disbursed electronically, they would be received on the official payment date of April 14.”
What is IRS Treas 310?
IRS Treas 310 is a normal ACH direct deposit refund or stimulus payment from a filed tax return, where there have been no offsets to the amount of the refund.
Your stimulus payment may be deposited directly into the same account used when you filed your 2019 tax return or the account number used in the previous stimulus payment program. The payment will be listed as “IRS TREAS 310 XXTAXEIP2”. You can monitor your account and watch for your payment through the Online Banking or Mobile Banking app.
The first part indicates the paying body IRS and the US Treasury who are responsible for sending out stimulus checks, while “EIP3” is an abbreviation of “Third Economic Impact Payment”, the official name given to the stimulus check.