Since early this year, the IRS has been handing out plus-up payments, but it will shortly stop doing so. The deadline for claiming this coronavirus stimulus check plus-up is quickly approaching.
Those who believe they should have received more stimulus payments owing to an outdated tax return have two weeks to request a plus-up payment. Congress has authorized three rounds of stimulus checks since the pandemic began last year.
Stimulus check's deadline is approaching
Last year, two stimulus checks were issued, with a third approved in March of this year. According to Entrepreneur, the IRS based the size of the stimulus check on the qualified beneficiaries' 2019 tax returns.
Because most Americans wouldn't have submitted their 2020 tax returns when the IRS began delivering stimulus payouts; this is usually the case. Due to the fact that these stimulus payments were made in advance, those whose income decreased in 2020 would be eligible for more money. This additional money is known as a plus-up payment.
Also, individuals who received the stimulus check based on information from the SSA, RRB, or VA are eligible for the plus-up coronavirus stimulus check. The IRS hasn't specified how many plus-up payments it has been handing out so far. In July, the agency allegedly delivered nearly 900,000 "plus-up" payments totaling more than $1.6 billion.
Per PennLive, plus-up payments will be made until the deadline of December 31, 2021, according to the IRS. As a result, taxpayers who expect plus-up money but haven't filed their 2020 taxes should do so by Friday, December 17. The IRS normally takes two weeks to process tax returns.
These payments are based on Americans who received stimulus checks based on their 2019 taxes; however, due to the 2019 tax returns, they received a reduced stimulus amount rather than the full amount that their 2020 taxes would have provided.
To verify the status of their plus-up payments, eligible Americans should use the IRS' Get My Payment tool. According to The Sun, the actual amount of plus-up payments is yet unknown. In July, the IRS paid out around 900,000 payments.
How to qualify for plus-up payment?
If your income in 2020 was lower than it was in 2019, you may be eligible for a plus-up payment. This includes everyone who claimed an elderly or handicapped dependent on their tax return in 2020, as well as elderly or disabled relatives or college students in their care.
The deadline to file your 2020 tax return and so be eligible for the plus-up payment is December 31, 2021; it's best to get started as soon as possible. You may sit back and relax once you've completed your 2020 tax return. The IRS will next determine if you are qualified for the plus-up payment based on the difference between your 2019 return and the 2020 version.
The IRS's 'Get My Payment' service will allow you to follow the status of your plus-up payment. Approximately 500,000 plus-up payments have been given out by direct deposit, with the remainder being sent out via checks, as per MARCA.
Related Article : Will You Get Last the Federal Stimulus Check of 2021 Tomorrow? Here are the Criteria To Receive $1,400 Payments in 2022!
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