Connect with us

Hot News in World

When will more ‘plus-up’ payments arrive? More than 730,000 catch-up stimulus checks sent to Americans in latest batch

IRS tax deadline: Retirement and health contributions extended to May 17, but estimated payments still due April 15


When will more ‘plus-up’ payments arrive? More than 730,000 catch-up stimulus checks sent to Americans in latest batch

2020 taxes: Why you should file nowThose who earned less in 2020 than in previous years should prioritize filing their 2020 taxes ahead of the next stimulus payments.ProblemSolved, USA TODAYMore “plus-up” stimulus payments are on the way to eligible taxpayers this week, according to the Internal Revenue Service.The IRS sent out COVID-19 relief checks to nearly 2 million more Americans in the seventh batch of payments made under President Joe Biden’s American Rescue Plan, the agency said Wednesday.The checks included more than 730,000 “plus-up” payments for those who are eligible for more money, now that their 2020 tax returns have been processed. These are taxpayers or households who either didn’t qualify for a third stimulus check based on their 2019 income or got less than they were due.That brings the total disbursed payments from the third round of stimulus checks during the coronavirus pandemic to about 163 million, worth about $384 billion since these checks began rolling out to Americans in batches starting in mid-March.Will there be a fourth stimulus check?: Biden’s first address to Congress may offer clues for AmericansDeath and taxes: Americans grapple with filing the final tax return for deceased relatives in a pandemic yearThe seventh batch of payments, which total up to $1,400 per individual, began processing on Friday, April 23, with an official payment date of April 28. Some people received direct payments in their accounts earlier as provisional or pending deposits, the IRS said. It also included more than 1.2 million payments to eligible individuals for whom the IRS previously didn’t have information to issue an Economic Impact Payment but who recently filed a tax return.This batch contained about 1.1 million payments via direct deposit payments and about 850,000 paper check payments, the IRS said.When will ‘plus-up’ payments arrive?If your income fell last year and you made significantly less money than what was reported on your 2019 income tax return, you may be eligible for another check. Those who had a child or added a dependent could also qualify for more money if this wasn’t listed on their 2019 return but is now listed on their 2020 return.”Plus-up” payments will continue on a weekly basis going forward, the IRS said, as the agency continues processing tax returns from 2020 and 2019.If you received your stimulus payment via direct deposit, that’s likely how you will get the “plus-up” money. If the IRS doesn’t have your information, you may receive a paper check instead, tax experts say. Why is it taking so long to get tax refunds this year?: Some are taking the IRS 6-8 weeks in 2021How do I check the status of my payment?Get updates on the status of your next stimulus payment using the IRS “Get My Payment” tool. To use it, enter your full Social Security number or tax ID number, date of birth, street address and ZIP code.For those who are eligible, the tool will show a “Payment Status” of when the payment has been issued and the payment date for direct deposit or mail, according to the IRS’s frequently asked questions.The payments amount to $1,400 for a single person or $2,800 for a married couple filing jointly, plus an additional $1,400 for each dependent child. Individuals earning up to $75,000 get the full payments, as do married couples with incomes up to $150,000.Payments decline for incomes above those thresholds, phasing out above $80,000 for individuals and $160,000 for married couples.A Head of Household taxpayer isn’t eligible if their income is $120,000 or greater, although there is a phase-out between $112,500 and $120,000. 

Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


To Top
error: Content is protected !!