The IRS will continue to send additional stimulus checks until the end of the year for people who have not received their full payment.
Photo: OZAN KOSE / AFP / Getty Images
As part of the third round of stimulus checks, the Internal Revenue Service (IRS) is sending supplemental cash payments known as ‘plus-up’ checks to eligible taxpayers.
You need to file your taxes immediately so that you can receive one of the “plus-up” stimulus checks that the IRS is distributing to all those taxpayers whose third deposit of the stimulus check had already been calculated and sent automatically. using the income information from the 2019 federal tax return, however, if you are from this group you will now be entitled to a higher check based on the income detailed on your 2020 return that was recently processed.
During the last round of additional payments the IRS sent nearly 700,000 checks and the federal office distributed another 700,000 ‘plus-up’ checks for a total value of $ 1.2 billion during the last delivery batch that were sent as part of the $ 1.9 trillion coronavirus economic package aid that President Joe Biden signed on March 11.
The IRS reported that on April 7 it sent the first additional payments to more than 1.2 million people who received a total of $ 2 billion, before announcing the arrival of a second batch on April 14 that was destined for nearly 700,000 people who also received $ 1.2 billion.
The IRS has notified that it will continue to send supplemental stimulus checks on a weekly basis. To date the federal agency has distributed nearly 162 million stimulus checks with a value of $ 379,000 million dollars.
Related: Plus-up checks begin to arrive as some wonder if there will be a fourth stimulus check
The stimulus check
During the third round of stimulus checks, officially known as Economic Impact Payments, individuals who earn up to $ 75,000 a year are receiving $ 1,400 and couples who jointly file up to $ 150,000 receive a $ 2,800 aid payment for coronavirus.
However, Stimulus checks are being reduced for those who earn more up to a final limit of $ 80,000 per year for singles and $ 160,000 for joint filers.
If you are a head of household with an annual income of less than $ 112,500 dollars you will receive the entire $ 1,400 and you can opt for a reduced stimulus check until you reach an income limit of $ 120,000.
Remember that if you meet the requirements, you can opt for an additional credit of $ 1,400 for each economic dependent regardless of age. You can also find information on other financial aid measures such as the extension of the child tax credit and supplementary unemployment benefits.
You may be interested:
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.