Many Americans are eagerly awaiting the latest round of IRS coronavirus stimulus payments and the date for the plus-up payments to be delivered is getting closer and closer.
However, in order to receive the plus-up payments it is a mandatory requirement for taxpayers eligible for the extra money to comply with their tax return.
When is the deadline to receive the Plus-Up Payment?
According to the IRS, the plus-up payments are due by the December 31, 2021 deadline.
Checks are for up to $1,400 per adult whose income was reduced in 2020, plus dependents are also eligible for the same stimulus.
How do I claim this stimulus check?
Extra payments are additional stimulus checks sent to those who received a stimulus check based on their 2019 tax return or information received from the Social Security Administration.
Eligible Americans should check the IRS’s Get My Payment tool for the status of their additional payments.
Taxpayers expecting extra cash who have not filed their 2020 tax return should file their taxes by Friday, Dec. 17, considering tax returns typically take two weeks for the IRS to process.
“Let’s say a married couple with one child had adjusted gross income of $165,000 in 2019, and because their income was more than $160,000, they are not eligible for any portion of the third payment,” Cassandra Kirby, a senior executive at wealth advisor Braun-Bostich & Associates in Pittsburgh, said to The Sun.
“However, in 2020, they had another child and their adjusted gross income dropped from $165,000 to $155,000,” she added.
This round of cash marks the ninth set of payments since Congress authorized the $1,400 stimulus checks in March.
The total number of payments sent to Americans is approximately $388 billion, according to CBS News.