IRS Is About to Send Millions of People Extra Money

For those who filed their tax returns by July 15, the Internal Revenue Service will be sending interest payments. This pool of people will equate to about 13.9 million Americans, who will be receiving approximately $18 in interest payments. Most of the payments will be issued separately from tax refunds, and those who have direct deposit set up will be seeing the payments come in through those means.

When it comes through, whether by check or direct deposit, it will be annotated ‘INT Amount’ to denote that it is a refund interest payment. Whatever amount comes through for each individual, the payment will be taxable. Typically, the due date is much earlier, but the July 15 deadline was set as a result of the coronavirus pandemic. This will come as somewhat good news for those who are awaiting a second stimulus check, which appears not to be coming for at least another month with Congress going into recess.

The likelihood of a second stimulus plan being passed won’t come until mid-September at the earliest. A few factors go into this, including the two parties conducting their national conventions over the next two weeks. Monday marked the official start of the all-virtual Democractic National Convention, which will run through Thursday and will see Joe Biden, who recently named Kamala Harris as his running mate, accept the Democrat’s nomination for president. The following week will be the Republican National Convention, where President Donald Trump will accept his reelection bid, but the location of his speech remains controversial as he insists he will be doing so on the White House lawn despite pushback.

As for the DNC, there have been plenty of headlines that have come from the festivities over the past two nights. Michelle Obama spoke on Monday and stole the stole, even going as far as to take a shot at Trump in her message. Tuesday also saw former president, Bill Clinton, make an appearance as a speaker, a move that was drawing some backlash even before he made his appearance. Along with Clinton taking the podium, the second night will also see potential First Lady Jill Biden taking the mic, as well New York Rep. Alexandria Ocasio-Cortez. Additional messages will also feature some familiar faces, including one-time candidate Andrew Yang, as well as former President Jimmy Carter and his wife, Rosalyn Carter. The virtual event will be found across most major news stations as well as online.