The IRS Announces a New Batch of Plus Up Stimulus Checks for Taxpayers
For many people, stimulus checks have been a life raft in helping them stay afloat during the pandemic.
Now the Internal Revenue Service is announcing a third batch of checks in the form of ‘plus up’ or supplemental payments. The additional checks will be part of the American Rescue package that went into effect on March 11, 2021.
Who is Eligible for Plus Up Payments?
Plus up payments will be going out to people who received stimulus checks based on their 2019 taxes and were found to be eligible to receive more money based on their 2020 taxes. People that were not eligible for a stimulus check according to their 2019 taxes and are eligible according to their 2020 taxes will also be getting a payment.
Taxpayers who were not on the IRS radar or used the IRS non-filer tool last year but filed 2020 taxes to qualify for the Economic Impact Payment will also be included in this latest round. These individuals may include social security, SSI, SSDI and Railroad Retirement Board and Veteran Affairs beneficiaries.
Most payments will be received by April 7. Veterans Affairs beneficiaries should be getting their checks by mid-April.
The income limits were lowered for this round of stimulus. Single taxpayers who make $75,000 and joint filers making up to $150,000 are eligible for the full $1400. Single filers making up to $80,000 and joint filers making up to $160,000 are eligible for a reduced amount. Dependents are also eligible for $1400.
How Much is Being Sent?
For this third round of stimulus, more than four million payments will be given out for a total value of over $10 billion. This will add to the over 130 million already sent totaling over $335 billion. Payments will be going out to more than 160 million households. They will be coming in the form of paper checks and direct deposits.
How Do I Qualify?
Taxpayers do not need to do anything to receive this final round of stimulus. However, some people will have to file taxes to get the money they are eligible for.
You can use the IRS Get My Payment tool to find out what’s going on with your round 3 payment. If you enter your social security number and zip code, it will give you an idea of when you can expect your stimulus.