The Internal Revenue Service (IRS0 announced on Wednesday that it will start to send the 'Plus-Up' payments within this week to taxpayers.
IRS To Send 'Plus-Up' Payments
The IRS has already processed the 2020 tax returns of the residents in the country. According to a recently published article in CNBC News, more than 700,000 Americans will receive supplemental payments.
The 'Plus-Up' payments are intended for those whose 2020 tax returns were already filed and processed. Additionally, these were the taxpayers who did not qualify for the third stimulus checks based on their 2019 tax income, according to a published report in the USA Today.
The IRS also said that they will send more than $1.2 billion in supplemental payments. The agency added that many of the 'Plus-up' payments were supposed to hit the banks on April 14. It can be remembered that the IRS promised that they will send the payments earlier this year.
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When Will You Receive the Payments?
According to a published report in KIPLINGER, the IRS plans to keep sending the payments on a rolling basis for those who are eligible for the 'Plus-up'. That includes taxpayers whose 2020 tax returns are still in the process.
The IRS also said that they began processing two million payments on April 9. They added that many of those who received those payments were veterans who normally do not file taxes and taxpayers who do not have any information of their bank account when they filed their taxes.
During the third round of stimulus payments, the IRS sent nearly 159 million payments totaling more than $376 billion. This coincides with Biden's American Rescue Plan that includes a provision for the third stimulus.
IRS To Start Monthly Payments of Child Tax Credit in July
How to Check the Status of Your Payment?
Using the IRS "Get My Payment" app, you can get updates on the status of your next stimulus payment. Enter your full Social Security card or tax ID number, date of birth, street address, and ZIP code to get started.
According to the IRS's frequently asked questions, the tool would show a "Payment Status" on when the payment was made and the payment date for direct deposit or mail for those who are entitled.
The payments are $1,400 for a single individual and $2,800 for a married couple filing together, plus $1,400 for each minor child. Individuals earning up to $75,000, as well as married couples earning up to $150,000, are eligible for the full payments.
Payments decrease as revenue rises past those levels, eventually phasing out at $80,000 for adults and $160,000 for married couples.
Other Payments of IRS
The IRS Commissioner Charles Rettig said on Tuesday that the agency would start the monthly payments of the child tax credit in July.
Democratic lawmakers welcome the IRS's announcement that the agency will be starting the child tax credit's monthly payments soon. This is one of the significant steps that could make Biden's relief law permanent, according to a published article on The Hill.
Pres. Joe Biden enacted last month the coronavirus relief law. Part of it was directing the IRS to issue advance payments of the child tax credit periodically. This ensures that families receive money in installments rather than in a single payment after they file their tax returns.
