The third stimulus checks are arriving and it's time to check if you received the proper amount you are due or if there is a need to address the bank and IRS.
You could be owed more than what you receive. Fortunately, a calculator tool recently developed will help give you accurate estimates of how much stimulus payment you should receive.
The Internal Revenue Service is changing most of the rules for the third stimulus check. Mainly because IRS is calculating stimulus checks during tax season, and the amount you are owed is reflected from that record. This means that for late filers or people who have recently gotten an adjusted gross income (AGI), they could be entitled to a bigger stimulus payment than the one they receive.
Stimulus Check "Plus Up"
IRS is making up for these adjustments with the "plus up" system. People who are eligible for the "plus up" payments include those whose stimulus checks are based on the outdated 2019 tax returns and a person who recently has a new child or dependent in their 2020 tax return.
You should be aware of how much money you are owed by the IRS. Unfortunately, you do not know the estimated figure unless it reflects on the IRS "Get My Payment" portal or after receiving a letter of confirmation from the IRS. With the newly adjusted system, you could be missing hundreds or maybe even thousands of dollars from the stimulus payment you are entitled to receive.
Stimulus Check Calculator Tool
CNET released a helpful new calculator that computes the new amount of money you are owed, including the "plus up" adjustment. However, IRS also made big adjustments to the upper-income limit to people who would receive the check. As of today, if your AGI is more than $80000 as a single taxpayer, $120000 as the head of a household, or $160000 when jointly filed with a spouse, you are no longer eligible to receive any of the stimulus checks.
To use the Stimulus Check calculator, use the information you provided for your 2019 or 2020 tax return. Provide your filing status, your adjusted gross income, and the number of qualified dependents you listed in your taxes. Click the red button "Calculate" and it will automatically compute the new value you should receive in total for the third stimulus payment.
The results would now greatly vary from the first calculators released to compute the old stimulus checks. Moreover, per Fox News, if the number is smaller than you are expecting, then you might need to update your tax return. With that said, be sure to finish paying your taxes by April 15.
Now that you know how much you are actually entitled to receive, you should double-check the money currently in your bank account. If you find it lacking, check out some of these articles on how to file a Recovery Rebate Credit or Request a Payment Trace Online.
Related Article: Stimulus Check Tracker for Your $1,400 Payment: How to Use IRS Online Portal, Requirements and More