The IRS has been sending out the plus-up payments since early this year, but it will soon stop sending this payment. The deadline to claim this plus-up coronavirus stimulus check is fast approaching. Those who believe they got less stimulus money than they should have on the basis of their outdated tax return have about two weeks to claim their plus-up payment.
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Plus-Up Coronavirus Stimulus Check: What Is It?
Congress approved three rounds of stimulus checks since the start of the pandemic last year. Two stimulus checks were approved last year and one was approved in March of this year. The IRS primarily used the eligible recipients’ 2019 tax return to determine their stimulus check amount.
This is because most people wouldn’t have filed their 2020 tax return when the IRS started sending the stimulus checks. Since these stimulus payments were an advance tax credit, those whose income dropped in 2020 would be eligible for more money. This extra money is what is referred to as a plus-up payment.
Also, those who got the stimulus check on the basis of the information from the SSA, RRB or VA, would also be eligible for the plus-up coronavirus stimulus check.
So far, the IRS hasn’t revealed the number of plus-up payments that it has been sending out. The agency, however, reportedly sent about 900,000 of "plus-up" payments worth more than $1.6 billion by July.
Who Qualifies For Plus-Up Payment?
Talking about who qualifies for this plus-up payment, all U.S. taxpayers whose income was lower in 2020 than in 2019, are entitled to a plus-up coronavirus stimulus check.
So, if you believe you also qualify for the plus-up coronavirus stimulus checks, then to claim it, you need to file your 2020 tax return by December 31. A point to note is that December 31 is the legislative deadline to send the plus-up payments.
Even though the deadline is December 31, it is recommended that you file your 2020 tax return as early as possible. This is because the IRS usually takes about two weeks to send the plus-up payment after processing the tax return.
“We automatically evaluate your eligibility after we process 2020 return. You do not need to take any action other than file a 2020 tax return as soon as possible to give the IRS time to process a plus-up payment before the end of 2021 if you are eligible,” the IRS says.
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