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Monday, August 15, 2022

Stimulus Check: What Is A Plus-up And Do You Qualify?

If your bank account registered with the IRS recently notified you of a deposit, then you should know that it is not the fourth stimulus check. However, it is something similar. It is actually the federal tax body sending you a “plus-up” check.

When Can You Get A Stimulus Check Plus-Up?

This plus-up check is not to be thought of as one more federal stimulus check. Rather, it is money that you should have gotten as part of your third or last stimulus check.

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Pocket Project’s owner Logan Murray said that stimulus checks are a kind of tax credit that is prepaid. For the 2020 tax year, there were the first two rounds of stimulus checks. For the 2021 tax year, there was the third stimulus check. Pocket Project is a firm that plans financial management.

The IRS calculated the relief check using the AGI of a taxpayer written on the returns they had filed. Hence, the “plus-up” payment is actually money that an individual is owed if they had not received the proper amount in their actual relief check.

Another expert explained that taxpayers may get further payments upon filing their tax returns for the year 2020. Especially if their 2020 income was not as much as their 2019 income. There are more cases where you might be sent bonus cash by the IRS.

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For instance, if your marriage happened in 2020 and you filed the 2020 tax returns in 2021, then you may be sent one more relief check. However, everyone will not be receiving this “plus-up” payment.

If you had filed for an extension for submitting your taxes for 2020, then the return must have been processed by 16th August for you to be eligible for an extra “plus-up” check.

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