Most Americans eligible for the final round of stimulus payments received their third check in March. If you are only talking about a fourth stimulus check, you may think you have received all of the stimulus money you are going to get for this for now. However, this is not necessarily the case. In fact, some people might get more stimulus money now. Read on to find out if you’re eligible and to learn more about possible future payments. This is how your fourth stimulus check differs from the others.
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The IRS announced on April 1 that they had begun processing a third batch of stimulus payments, with additional cash available for those who have already received their third stimulus checks. According to the announcement, that batch included the “first ongoing supplement for people who received payments based on their 2019 tax return in early March but are eligible for a new or larger payment based on their recently processed 2020 tax return”. The IRS refers to these payments as “plus-up” payments. And for more money you might be owed, if you are missing money on your stimulus payment, check now.
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As CNN explains, people who have already received a third stimulus check can receive this surcharge if their third payment is based on their 2019 tax returns rather than their 2020 tax returns. According to the IRS, markup payments could include “a situation where a person’s income was down in 2020 compared to 2019, or a person had a new child or is dependent on their 2020 tax return, and other situations”. If your 2020 tax return entitles you to a new or larger payment, be sure to file those taxes as soon as possible so they can be processed and you get more money. And for more important tax season info, if you get an email from the IRS with those three words, don’t click on it.
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You may not realize that your 2020 tax return may give you more cash as the eligibility requirements for the final round of screening have changed significantly. The third stimulus payment requirements included stricter income limits. While you could have made more than $ 80,000 in 2019 and still have received the first or second stimulus check, you would not have received the third. However, if your income has dropped to $ 80,000 or less ($ 160,000 or less for married couples) in 2020, you are eligible and can receive a third incentive payment simply by filing your most recent tax returns. You will also get more cash if your income drops from $ 80,000 to $ 75,000 ($ 160,000 to $ 150,000 for married couples) in 2019 to below $ 75,000 in 2020 ($ 150,000 for married couples) .
And if you had a child in 2020 who was not included as dependent on your 2019 tax return, you will be eligible for an additional $ 1,400 after filing your 2020 tax return. The third stimulus payment promises $ 1,400 per person, including loved ones. If you’d like to receive more useful information straight to your inbox, subscribe to our daily newsletter.
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The IRS says Plus Payments “will continue weekly as the IRS continues processing 2020 and 2019 tax returns.” When you file your taxes for 2020, the IRS will automatically send you an additional payment if you are eligible after processing your tax return, according to CNN. And you’ll have extra time to file your taxes this year as the IRS is extending the tax filing deadline from April 15th to May 17th. However, the sooner you file your tax returns, the more likely you are to get extra money that you owe. And for people who are still waiting, if you haven’t received your stimulus payment yet, you’ll need to check.