Politics
Stimulus check update – ‘Plus up’ payment will be given to Americans who earned less last year or had a new baby in 2020
A NEW “plus up” payment will be going out to Americans who earned less in 2020 than they did in the previous year or had a new baby.
The payments have started going out to people who received their third stimulus check, but didn’t get the right amount because of a life change in 2020.
‘Plus up’ payments have started going out[/caption]
For millions of Americans who earned less in 2020 because of the pandemic, but did not file tax returns before the third round of stimulus checks went out, this will mean extra cash.
People who welcomed a child in 2020 or added another dependent will be in the same boat.
If you qualify for one of these “plus up” payments — meaning you did not submit your 2020 tax return before the last payments went out, but you have since — the money should be incoming soon.
“Plus up” checks began processing on Friday, March 26 and the official payment date was March 31.
Expect to get your “plus up” payment the same way you got your previous stimulus checks.
The payments will be going out to Americans whose circumstances changed in 2020[/caption]
If you have still not filed your 2020 tax returns but you qualify for the payment, the Internal Revenue Service (IRS) will send it out once your circumstances are updated.
The IRS announced that by April 1, more than 130million stimulus checks had been issued as part of Joe Biden’s $1.9trillion Covid recovery plan.
Now, the service is processing the “plus up” payments as part of the latest round — with 4million checks, totaling $10billion, set to go out this week.
“These ‘plus-up’ payments could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations,” the IRS said in a statement.
More than 130million stimulus checks went out since Biden signed the latest Covid relief bill[/caption]
“The payments also include payments for people for whom the IRS previously did not have information to issue a payment but who recently filed a tax return and qualify for an Economic Impact Payment.
“Payments to this group — and the “plus-up” payments noted above — will continue on a weekly basis going forward, as the IRS continues processing tax returns from 2020 and 2019.”
This comes as some Americans are still waiting for their stimulus checks.
Around 30million recipients of Social Security and other benefits are still waiting on the cash.
Recipients of benefits have not been required to file tax returns to the IRS.
The agency has been processing the third round of payments using either the 2019 or 2020 tax return.
As no tax return was needed, the IRS was waiting on Social Security Administration (SSA) and other agencies to provide updated direct deposit information and addresses for recipients.
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The IRS asked the SSA to send its payment files two weeks before the checks were signed into law by President Biden on March 11.
But it took until March 25 for the SSA to provide the Internal Revenue Service (IRS) with the paperwork, reports Newsweek.
The IRS said a large set of payments for those on Social Security retirement, survivor or disability, Supplemental Security Income, and Railroad Retirement Board would start going out Friday, April 2.
