$1390 IRS relief payments coming in October? Here's the truth about new stimulus payment

There are rumors swirling that the IRS will be issuing payments of around $1,400 to eligible taxpayers.

There is news going around on social media that the Internal Revenue Service (IRS) has announced that it will be sending out around $1,400 in direct deposit relief payments to eligible taxpayers.

Will the IRS provide relief payments to certain taxpayers upto $1,390 into their accounts? (Unsplash)

This measure is meant to provide relief in times of high inflation to Americans. The exact amount to be refunded is $1,390, and the people who qualify for these payments are: single filers whose earnings are up to $75,000; married couples whose collective earnings are up to $150,000; and ‘head-of-household’ filers with a higher earning ceiling.

However, this news is completely false. There is no such payment that is going to be made into the accounts of the taxpayers.

IRS relief payment in 2025?

The Sun reports that the rumor is based on payments made to Americans in 2020 and 2021 during the COVID outbreak to provide financial assistance. At the time, over 476 million payments worth more than $814 million were made to the citizens.

However, these payments were made in only three instalments, and are no longer in existence. They were an emergency measure during the COVID-19 pandemic, and it has been discontinued.

COVID-era payments

During the COVID outbreak, people received payments ranging from $600 to $1,400 as a stimulus to keep the economy in decent health. However, these payments only had three instalments, with the deadline for claiming the third instalment of the payments on April 15 of this year.

However, there may well be some good news on the anvil for some citizens. The Sun reports that New York is making inflation relief payments of up to $400 to its residents. Virginia is planning a similar move.

Also, the IRS may well be considering such a move, but as of now, there is no official communication.

FAQs

Is the IRS issuing relief payments?

No, the IRS has not announced any such measure.

What is IRS?

The Internal Revenue Service is the government agency tasked with collecting taxes.

Is there any relief being provided to American citizens?

Yes, governments in New York and Virginia are planning to make relief payments to their citizens.