The sent the Internal Revenue Service COVID-19 relief checks to more than 25 million Americans in the fourth round of payments, bringing the total payments from the latest stimulus package to more than 156 million payments, worth $ 372 billion.
The majority of payments were distributed primarily through direct deposits and paper checks. For stimulus check payments that come into bank accounts, there is one term worth knowing – IRS Treas 310. Here is more information on the processes for IRS payments and what IRS Treas 310 stands for.
Who received the bulk of the checks?
The bulk of the fourth round payments went to Social Security beneficiaries who did not file a 2020 or 2019 tax return and did not use the non-filers tool last year, said the IRS. Over 19 million payments went to Social Security pension recipients and survivors or disability recipients. The veterans were not included in the fourth round of payments.
Of the 19 million payments, nearly $ 5 billion went to SSI recipients and $ 119 million to Railroad Retirement Board recipients.
What about VA beneficiaries?
Payments for VA beneficiaries who did not file a 2020 or 2019 tax return and did not use the non-filers tool last year will be made on April 14, the IRS said.
“If no additional issues arise, the IRS expects to begin processing these VA payment files by the end of this week,” the agency said. “Since the majority of these payments will be disbursed electronically, they will be received by the official payment date of April 14.”
What is the IRS Treas 310?
IRS Treas 310 is a normal ACH direct deposit refund or stimulus payment from a filed tax return, where there has been no offsetting of the refund amount.
Your incentive payment can be deposited directly into the same account that was used when you filed your 2019 income tax return or the account number used in the previous incentive payment program. The payment will be listed as “IRS TREAS 310 XXTAXEIP2”. You can monitor your account and monitor your payment via the Online Banking or Mobile Banking app.
The first part indicates the paying agency IRS and the US Treasury which are responsible for sending the stimulus checks, while “EIP3” is the abbreviation of “Third Economic Impact Payment”, the official name given to the stimulus check. .