SOME Americans might see “plus-up” payments as part of another round of stimulus money thanks to the American Rescue Plan.
Payments sent out last week included one million “plus-up” payments, which are additional payments for people who already got their stimulus checks based on 2019 tax returns and are eligible for a larger payment based on newly processed 2020 tax returns.
Americans who earned less in 2020 than they did the previous tax year will qualify for these plus up payments.
In a statement, the Internal Revenue Service aka IRS noted, "These ‘plus-up' payments could include a situation where a person’s income dropped in 2020 compared to 2019, or if a person had a new child that is dependent on their 2020 tax return, and other situations."
The IRS has sent out one million plus-up payments that total more than $2million.
If you are eligible for this “bonus” stimulus cash after turning in your 2020 taxes, the IRS will send you a plus-up payment via direct deposit if that was how you got your initial stimulus payment. Otherwise, you should get the new payment by mail.
The IRS also announced that veterans waiting for their stimulus check should have seen that money on Wednesday after sending out another batch of payments.
The direct payments went out to veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments and don’t file tax returns.
In a news release last week, the IRS announced, “Because the majority of these payments will be disbursed electronically, they would be received on the official payment date of April 14. The IRS projects VA beneficiary payment information would be available in the Get My Payment tool.”
If you haven’t yet received your third stimulus payment, the IRS offers that tool to check the status of the payment.
The Get My Payment tracker is updated daily by the IRS. The tool lets you know when you will receive your check and about any potential problems with your payment.
For instance, your stimulus payment could be delayed if the payment was deposited in the wrong bank account, an account that was closed, or if an electronic transfer attempt was made to a temporary bank account, according to CNET.
People started receiving their stimulus checks after President Joe Biden signed the Covid-19 relief bill into law on March 11.
Between March 2020 and March 2021, the federal government sent three different rounds of stimulus payments to provide relief for financial hardship caused by the Covid-19 pandemic.
Five batches of payments have gone out for this third stimulus payment, so if you’re still expecting yours, check the Get My Payment tool.
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