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Saturday, May 15, 2021

Stimulus Check Facts: You Could Well Be In Line For A Plus-up Payment In 2021?

The latest stimulus payment may be followed by another stimulus check this year. You could also be in for a catch-up check, a plus-up payment that you are entitled to because the IRS missed out on some points for various reasons.

More than 163M payments have gone out and there are more to come. Many are still awaiting their check, including Social Security beneficiaries and non-filers. People who do not regularly file returns may have their stimulus check delayed because the IRS doesn’t have the bank details of such people.

Keeping Track Of Your Stimulus Payment

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So if you are still awaiting your check, it is time to track it through the online tool of the IRS or the free tracker of the US postal service. You can file for a payment tracker if you discover that your stimulus check has been dispatched but hasn’t reached you within the reasonable time slated. Or you might have welcomed a baby into your home in 2020 and this information was not with the authorities.

While the IRS is squaring up the due amount, you also need to be doubly sure of the money you should be getting.

Why Am I Getting A Catch Up Payment Post The Stimulus Check?

You could have missed out on the full amount for a variety of reasons. If your stimulus check was dispatched by the IRS before you filed your tax returns for 2020, chances are that you would have missed out on the full amount. They will have corrected the amount in your records.

Reasons To Get A Plus-Up Check

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Stimulus check
Stimulus check

If your income fell in 2020, perhaps below the limit set by the authorities, you might find yourself in for another stimulus check. You could also qualify for the plus-up check if your latest returns updated information about the addition of new dependents, such as the addition of a baby or the inclusion of a new older dependent.

Will My Pending Stimulus Amount Be Paid In The Same Way I Received My Stimulus Check?

The IRS has based the amount and the mode of payment, depending on the information they had. So if the IRS had your bank details, you should get both your stimulus check and the follow-up payments through your bank. To others people, the payment will be sent through the US postal service or preloaded Debit card.

The IRS has till December 31 to process the payments. So you need to file your tax returns for 2020 if you haven’t done that already. This will give the IRS time to send the exact money owed based on the latest tax returns. People who had their stimulus checks returned have time to rectify their mailing address and receive their payments.

Hang On To The Confirmation Letter Signed By The President

A letter confirming your payments is sent to everyone. It contains the details of your payment. Notice 1444 contains the amount that was paid and the mode of payment. There is also a piece of advice at the end to call a number or take the help of the Get My Payment tool to check on the status. This letter will help you to apply for follow-up payment if you do not get on automatically.

You also have to hold on to the letter for tax records.

Making use of the Get My Payment tracker

It is important to take the help of the tracker if you feel that your payment has been unusually delayed. The tracker I updated once a day and you will be informed if there is any problem with your problem. The free tool of the US postal service will also help if your stimulus check or the plus-up payment has been sent by mail.

Have You Missed Out On The First Two Stimulus Check?

You can claim for any part of the full amount of the previous check along with your 2020 returns. Submit your returns before the May 17 deadline if you haven’t done so. Take the help of a professional if you feel that you are not up to it.

Claim The Missing Amount In Your Stimulus Check

Stimulus check
Stimulus Check

The online tracker, Get My Payment will not let you know the amount of the stimulus check. This information is found in the letter of confirmation mailed a couple of weeks after the IRS sends the payment.

If the payment doesn’t add up with your calculations, do your calculation or take the help of the stimulus check calculator. Remember that a plus-up check may be on the way.

The IRS will open a window for filing claims of missing stimulus checks. It will be before the deadline for sending out the stimulus check by December 31, 2021. You still have time in 2022 as you file the tax return for 2021.

Reasons You Could Have Missed Out On Your Stimulus Check

There are several reasons you have received a shorter amount or nothing at all. The first one could be a calculation error. You need to file for an adjustment in such a case.

Checks sent through the US postal service may be delayed, sometimes by as much as 4 weeks.

The IRS based the calculation on 2019 returns as you may not have filed your returns for 2020.

Your stimulus check might even be returned either by the back because you have closed your account, or the IRS doesn’t have your correct mailing address.

There is also the chance that your stimulus check was garnished by private collectors, or you might have accidentally thrown away the mail that was dropped off by the US postal service.

Rules For Social Security Recipients And Veterans

Veterans and social security households received their stimulus check only in the middle of April. The IRS received their files from the relevant authorities much later, hence the delay. Such beneficiaries usually get their payments through the Direct Deposit cards. But they could also get it through direct deposits if they have filed their returns for 2020.

The payment could also come in through the mail.

The latest batch of stimulus payments contains more than 730,000 plus up payments for those who are qualified for it. This is because more tax returns for 2020 are being filed as the deadline of May 17 looms. The latest round brings the total amount of payments dispatched to $384 billion since the Biden administration began dispatching the amounts beginning the second week of March.

Around 1.2 million payments went out to eligible individuals and families whose records were not previously available to the IRS. These payments were possible because they recently filed their returns for 2020. There are 1.1 million stimulus payments as direct deposits and 850,000 as paper check payments.

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