Stimulus checks, tracking your money and plus-up payments: Everything to know

Stimulus checks, tracking your money and plus-up payments: Everything to know

Another batch of stimulus payments is going this week to eligible taxpayers, including to those the IRS didn’t have information for and recently filed a tax return. If you’re still waiting for your stimulus check for up to $1,400, however, you can use the IRS tracking tools to get an idea of the timeline and when the tax agency may schedule your payment.

On top of the third stimulus checks, the IRS is sending “plus-up” payments to those who qualify for the supplemental payment under the American Rescue Plan. Passed in March, that stimulus package also included the advance child tax credit and a tax exemption for 2020 unemployment benefits.

Here’s what you should know about reporting a stimulus check problem and when to file a payment trace. If you have dependents, look out for the advance child tax credit payments to begin in July — you can calculate how much you’ll receive here  — and learn more about the upcoming IRS portals for that credit. Also, we’re following the debate over a possible fourth stimulus payment. This story is updated on a frequent basis.

 Who is getting the third stimulus checks and plus-up payments?

The IRS sent more than $1.7 billion this last week to those who are eligible: $949 million as paper checks in the mail and another $809 million as direct deposits to bank accounts. This batch includes payments to eligible individuals the IRS didn’t have information for and recently filed a tax return along with another round of plus-up payments.

What are plus-up stimulus payments? Depending on which year’s tax form the IRS used when it did the math on your third payment, the IRS may have calculated the amount of the payment using an older tax form instead of your 2020 filing. If this is your situation, once the IRS receives your 2020 tax return and calculates your third payment again, you could be due more money based on information from your current filing — or on other factors if you don’t usually fileRead more>>

Source:-cnet

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