There is another money coming before the end of the year for American citizens who have registered for it in time. It’s called the plus-up stimulus check up to $1400 will be paid into the accounts of those who have registered for it. This year’s end is expected to be full of goodies for Americans.
The Reason for the IRS Plus-Up Stimulus Check.
The Economic Impact Payments are paid based on tax returns or information collected from the SSA, RRB, or VA. Some collected the first second and third Economic Impact Payments using their 2019 tax returns or info collected from SSA, RRB, or VA. between 2019 tax returns and 2020 tax returns circumstances may have changed. Some may now have more children, some might have lost their jobs or have pay cuts.
The reason for the IRS Plus-Up payment is to pay those who have collected their third Economic impact payments using their 2019 tax return or info collected from SSA, RRB, or VA. Now they find the difference using their 2020 tax returns and pay them what is owed.
Eligibility for the IRS Plus-Up Stimulus Check.
Qualification is simply based on being a taxpayer whose income in 2020 is lower than income in 2019. This may also apply to those who in their 2020 tax return filed to have elderly or disabled dependents or a college student as a dependent.
When will the Payment Come?
The payments are typically made after 2 weeks of receiving tax returns. What will determine the date of receiving the Plus-Up payment will be when the 2020 tax returns are submitted.
According to the IRS, it will keep sending our IRS payment until the legislative deadline of December 31, 2021. All you have to do to meet up the deadline is to submit your 2020 tax returns and relax because the Plus-Up payment will be paid directly into the recipient’s account.
You may have been eligible to receive the Plus-Up payment, just send your 2020 tax returns. To find out the status of your Plus-Up payment, use the link Get My Payment tool.
Economic Impact Payments
As a refresher, those who qualified for the Economic Impact Payments are those who make $75,000 or $150,000 as a single or married joint filer respectively.
There had been three Economic Impact Payments because of the effect of COVID. The first was $1,200 or $2,400 for single or couple respectively, plus $500 for each child that qualified. The second Economic Impact Payment was $600 or $1200 for single or married respectively plus $600 for each qualifying child born in 2020.
Submit your 2020 tax returns if you think you are eligible for the plus-up stimulus check.