Deadline to Qualify for Plus-up Payment is Approaching.
By the end of this year, many Americans would have received the Internal Revenue Service Plus-up payment, which for some people would help them have a comfortable festive season.
But citizens who hope to get the payment would need to comply with the tax returns. 2020 tax returns must be filed.
The Plus-up check will be paid to those whose income diminished in 2020 due to the pandemic. Up to $1,400 dollars will be paid to every adult that meets the eligibility requirement.
“Let’s say a married couple with one child had adjusted gross income of $165,000 in 2019, and because their income was more than $160,000, they are not eligible for any portion of the third payment. However, in 2020, they had another child, and their adjusted gross income dropped from $165,000 to $155 000,” Cassandra Kirby, a senior executive at wealth advisor Braun-Bostich & Associates in Pittsburgh, told The Sun.
The IRS Plus-Up Payment is additional stimulus checks sent to US Citizens who received a stimulus check calculated on their 2019 tax return or information obtained from the Social Security Administration. Americans who want to know about the current status of their additional payments can get the information on the IRS’s Get My Payment tool.
US taxpayers eligible for the stimulus but have not filed their 2020 tax return must file their tax returns by Friday, December 17, 2021. It will allow a two-week safe period since this is the time that the IRS takes to process the request.
The latest tranche of cash is the ninth set of payments since Congress authorized the $1,400 stimulus checks in March. US Citizens have received about $388 billion.