Most Americans eligible for the latest round of stimulus payments received their third check during the month of March, and with only passing talk of a fourth stimulus check, you might think you've gotten all the stimulus money you're going to get for the time being. However, that's not necessarily the case. In fact, some people could receive more stimulus money right now. Read on to find out if you are eligible, and for more on possible future payments, This Is How Your Fourth Stimulus Check Would Be Different From the Others.
The IRS has started to issue "plus-up" payments to some Americans.
The IRS announced on April 1 that they had started processing a third batch of stimulus payments, with some additional money available for those who have already received their third stimulus checks. According to the announcement, this batch included the "first of ongoing supplemental payments for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns." The IRS is referring to these payments as "plus-up" payments. And for more on money you might be owed, If You're Missing Money From Your Stimulus Payment, Check This Now.
If you file your 2020 tax return, you could receive this money.
As CNN explains, people who have already gotten a third stimulus check may receive this plus-up payment if their third payment was based on their 2019 tax returns rather than their 2020 returns. The IRS says 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." If you are eligible for a new or larger payment based on your 2020 tax returns, you should file these taxes as soon as possible so they can be processed and you can receive more money. And for more important tax season intel, If You Get an Email From the IRS With These 3 Words, Don't Click on It.
Payment eligibility for the third stimulus changed quite a lot from the first two payments.
You might not realize that your 2020 tax returns could make you eligible for more money, as eligibility requirements changed significantly for the latest round of checks. The third stimulus payment requirements included stricter income limits. While you could have made more than $80,000 in 2019 and still received the first or second stimulus check, you would not have received the third. But if your income dropped to $80,000 or less ($160,000 or less for married couples) in 2020, you are eligible and can receive a third stimulus payment by simply filing your most recent tax returns. You'll also receive more money if your income fell from the $80,000 to $75,000 range ($160,000 to $150,000 for married couples) in 2019 to below $75,000 in 2020 ($150,000 for married couples).
And if you had a child in 2020 that was not included as a dependent on your 2019 tax returns, you will be eligible for an additional $1,400 once you file your 2020 tax returns. The third stimulus payment promises $1,400 per person, including dependents. And for more useful information delivered straight to your inbox, sign up for our daily newsletter.
The IRS says it will continue to send out "plus-up" payments on a weekly basis.
The IRS says that plus-up payments "will continue on a weekly basis going forward, as the IRS continues processing tax returns from 2020 and 2019." When you file your 2020 taxes, the IRS will automatically send you an additional payment if you're eligible once your tax return is processed, according to CNN. And you have additional time to file your taxes this year, with the IRS extending the tax filing deadline from April 15 to May 17. However, the sooner you file your tax returns, the sooner you will receive any additional money you're owed. And for people who are still waiting, If You Haven't Received Your Stimulus Payment Yet, You Need To Check This.
Kali Coleman Kali Coleman is a Senior Editor at Best Life. Her primary focus is covering news, where she often keeps readers informed on the ongoing COVID-19 pandemic and up-to-date on the latest retail closures.Read moreFiled UnderFinance • Income • NewsRead This NextHow Your Next Stimulus Would Be Different
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