IRS is delivering yet another batch of stimulus checks for qualified Americans. If you have not received yours yet, then it might happen sometime this week. However, the third round brings a lot of new changes with eligibility and payments due. The "Plus-Up" payment is in full effect, and you might be entitled to more money than you think.
Here is how to check if you are qualified to plus-up payments online.
The Ascent reported that plus-up payments are for people who received stimulus money according to their 2019 tax but are eligible for new or larger payments because of the changes in their 2020 tax returns. This is essential to people whose circumstances changed drastically due to the pandemic. Instead of filing another rebate or credit, the Internal Revenue Service (IRS) decided to follow up and send out the remaining money in a plus-up system.
Do You Qualify for Plus-up Payment
IRS requires you to file your 2020 tax return to check if you are qualified to plus-up payments. In their official announcement, IRS explaied that "these payments could include a situation where a person's income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations."
There are generally three reasons why you might qualify for plus-up payment. The circumstances are:
- You have a significant drop in income from 2019 to 2020: this would apply to layoffs, job closing, and other pandemic-related circumstances. If your gross income dropped below $75000, then you are qualified to stimulus payments with the plus-up system.
- You claimed a new baby on your 2020 taxes: a new baby is categorized as a dependent and would qualify for the full stimulus payment.
- You claimed a disabled or elderly dependent on your 2020 taxes: for the third stimulus bill, college students, elderly relatives, or disabled relatives who do not earn income qualify as dependents eligible for full stimulus payments. So be sure to declare all your dependents in the 2020 taxes!
How Can You Track Your Plus-up Payment?
You can check the status of your stimulus money and plus-up payments with the IRS Get My Payment tool. Registering up for an account is easy. Just head to the website and provide some details on date of birth, complete address and your Individual Tax ID or Social Security number. Once you have your account activated and validated, you can see all the information regarding your stimulus payments.
Information on the website includes the three stimulus payments, how much money you are entitled to, your payment delivery status, and the plus-up payments that are automatically added when you update your 2020 tax return.
You could also try applying to the USPS Informed Delivery System tool, which would notify you about any parcel delivery with your name, including the paper check for your stimulus payment.
Register and keep an eye out with these handy online tools. They will prove to be helpful in monitoring the status of your third stimulus check and plus up payment.
Related Article: Stimulus Check Tracker for Your $1,400 Payment: How to Use IRS Online Portal, Requirements and More