Stimulus Check News: What Exactly Is A 'Plus Up' Payment?
Some stimulus check recipients may have more cash due in the form of “plus-up” payments. Recipients' 2020 tax returns can mean payments to those who received small payments or no payment at all.
Tax filers can calculate how much they should have received using Line 30 on Forms 1040 or 1040-SR. If they received less than they deserved, they can request the difference using those forms and the accompanying worksheet.
That’s where "plus-up payments" come in. If the IRS checks their math and gets the same result, restitution will be made through a "plus-up payment."
Additional funds might be owed due to a person’s income dropping during 2020, or if a new child or dependent shows up on their tax documents.
There are some other caveats. The IRS says that discrepancies could cause a “slight delay,” a concerning term coming from the beleaguered tax agency still processing returns from two years ago.
Officials might also dispute the claim if their math doesn’t match up. That can have several causes, one of the most common being ineligibility due to someone else claiming the adult filer as a dependent on their return.
Distribution for the most recent round of plus-up checks started on April 1. Those who think they’re owed one should be sure to file taxes before the delayed deadline on May 17.
As for further stimulus payments beyond plus-up checks, potential recipients probably should hold their breath. While some lawmakers have voiced support for recurring payments, the prospect of a fourth round of stimulus checks is unlikely.
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