Stimulus Check: "Plus-up" payments and How You Qualify

Stimulus Check: "Plus-up" payments and How You Qualify

The IRS is currently making supplemental payments, or so-called "plus-up" payments, to some Americans who have already received their third stimulus check, but whose amount was less than $1,400 or who did not receive a check at all.

Why would more payments be made to these people, who may qualify for additional relief if their 2020 income is less than their 2019 income and they have not yet filed a tax return, or if their 2020 return has not yet been processed by the IRS?

The third direct payment provided under the American Rescue Plan Act totaled $1,400 for individual taxpayers up to $75,000 (and married couples filing jointly up to $150,000), with proportional amounts provided to taxpayers up to $80,000 and $160,000, respectively. Children and adult dependents also received the full amount.

However, because the IRS bases its calculations on the most recent tax returns filed, those whose tax status changed between 2019 and 2020, those who have not yet filed their 2020 returns, or those whose 2020 returns have not yet been processed, may have missed payments they should have received They may be missing out on payments they should have received.

The following groups may be eligible for the Plus Up Payment:

The IRS began sending these additional payments on March 31; if you have not yet filed your 2020 tax return but expect to receive one of the above, now is the Now is the time to do so.

According to Kiplinger's, tax returns must be filed by May 17 and processed by the IRS by August 16 to receive a plus-up check, but the sooner you file, the better. Keep in mind that the IRS is facing a larger than usual backlog this year, and electronic returns will be processed faster than paper returns.

Due to bureaucratic snafus among several federal agencies, millions of Social Security, Supplemental Security Income (SSI), Veterans Affairs (VA), and Railroad Retirement Board (RRB) recipients did not receive their initial round of direct payment $1,400 checks were not received.

However, the IRS reports that most of these funds have been processed and should be deposited into bank accounts or mailed on April 7.

If you have not received your stimulus check but believe you are eligible, you can check your stimulus check status by entering your information into the IRS Get My Payment tool.

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