Stimulus plus-up payments: What you need to know

Money
Speaker 1: The us government is sending billions of dollars to the American people. There's a new type of payment being sent out called plus up payments. Are you eligible for more money in the form of a plus up payment? And how exactly do you qualify for such a payment? Let's dive into that Speaker 1: In short, if your household received your third stimulus check, but the amount you qualify for changed, you may be due for a plus up payment. Let's define [00:00:30] a plus up payment. The IRS says it is a supplemental payment for people who earlier in March received payments based on their 2019 tax returns, but are eligible for a new or larger payment based on their recently processed 2020 tax returns. So to be eligible for a plus a payment, at least one of the following things would have to be true. You submitted your 2020 tax return and your income dropped when compared to 2019 or your 2020 [00:01:00] return claims you child or dependent that you did not have in your 2019 return. Or if you didn't file in 2019, but you submitted new information in a 2020 tax form to alert the IRS about qualified dependents, or if your first payment did not include all your dependents. Speaker 1: So one or more of those would have to be true to qualifi five for a plus up payment. So you may be wondering why is there a plus up payment now when there wasn't in the past, this is because the $1,400 [00:01:30] payments are being delivered in the middle of tax season. When are these payments being dolled out? The IRS said it is sending plus up payments weekly. The schedule is tied to the rate. The IRS can process 2020 tax return. The IRS has until the end of 2021 to finish sending stimulus check payments. If you don't get it by then, it's likely you'll have to claim the missing money. When you file your 2021 taxes. The IRS says that no action is needed by most people to obtain this round of [00:02:00] economic impact payments. The IRS is re calculating the amount automatically. CNET recommends being proactive on this to ensure you're not leaving money behind. Speaker 1: Make sure to do the following things. You should know how much stimulus money you should expect based on your income. Then you can compare that amount with what you've received. CNET has a stimulus money calculator to help you estimate what you should expect. You can use the IRS tracking tool to see if your payment information has changed. Also keep [00:02:30] an eye on your bank accounts and mailbox, depending where you're receiving these payments. This stuff can get pretty complicated. Check out irs.gov/coronavirus for all the official information. We've also got you covered with CNET dot Ko slash finance. There you'll find answers to lots of questions. Like what should you do if you have a problem with your stimulus check, in what cases would you have to send your check back to the IRS and more I'm I, and I'll see you online.

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