Some qualify for ‘plus-up’ payments if 2019 and 2020 tax returns are on file
A third round of stimulus payments are on the way that could include a bigger check for qualifying Americans whose 2020 tax returns have already been processed.
These “plus-up” payments are in addition to the $1,400 given to individuals by the American Rescue Plan Act, according to the IRS.
The IRS has already issued checks based on 2019 or 2020 tax returns.
Plus-up money on top of the $1,400 payment comes into play if a person received their stimulus based on a 2019 tax return but now has filed a 2020 return that demonstrates a change in status such as a decrease in income or a new dependent, according to CNBC.
Most of the payments are expected to be direct deposited Wednesday. The plus-up payments will continue to be sent out over the coming weeks.
This latest round of checks totals $10 billion and was due to be mailed March 31 to more than 4 million people. Many struggling Americans have started receiving the payments in the mail as a check or debit card. When added to the stimulus checks already sent or direct deposited, more than 130 million people should now have received $335 billion overall.
Social Security recipients and certain retirement beneficiaries began receiving payments over the weekend. Veterans Affairs beneficiaries could receive payments by mid-April, the IRS said.
The IRS advises filing a tax return in order to receive the money quicker.
Filing a 2020 tax return can also let people claim a recovery rebate credit if they missed out on the previous $1,200 or $600 stimulus checks, according to CNBC.
The $1.9 trillion coronavirus stimulus package approved by Congress and signed by President Joe Biden in March provides for $1,400 per individual, plus $1,400 per dependent, if recipients meet certain income thresholds and other eligibility rules.