While the IRS continues to send more stimulus checks and plus-up payments each week, there are several updates that you should know about the Economic Impact Payments.
With around 165M payments going out, you must have received your stimulus payment by now. And if you haven’t, you can always take the help of the various measures put forward by the authorities to ensure that you get your stimulus payment.
You could also be in the running for a plus-up payment, a second catch-up check. This payment is based on fresh calculations by the IRS as they have access to fresh details. You should have done your calculations to determine if you are owed a follow-up check.
The American Rescue Plan also has provisions for additional support for Americans in the form of the Child Tax Rebate and the extended unemployment weekly check of $300 per week till September 2021.
The IRS Timelines For Your Stimulus Check And Other Payments
The IRS has set May 17 as the extended filing date for your 2020 tax returns. If you have filed your returns, you can be sure that the IRS has your complete personal and financial details.
The details include your latest bank details and mailing address, the number of dependents in your household, including any babies welcomed to your family in 2020.
So if you have uploaded all the details, you can expect the correct amount in your stimulus check through an updated plus-up payment.
Eligibility For The Third Stimulus Check And The Plus-Up Payment
More than 1 million payments went out last week including 500,000 payments based on details obtained from the 2020 tax filings. The IRS had no information on the bank details or personal information such as the correct mailing address.
There were also 460,000 follow-up payments worth $800 million, or the plus-up payments based on fresh calculations by the IRS.
Most of the initial stimulus checks went out through direct bank deposits, as the IRS rushed to send the payments to the maximum number of people affected by the pandemic. In doing so they had to rely on the 2019 tax returns, as many people had not filed their 2020 returns by then.
Many people had lower income in 2020 due to cut down in their working hours, loss of jobs, and shut down of businesses. So a fresh filing automatically entitled them to an additional check.
The plus-up payment was also due to other factors like any addition to the list of dependents. This includes the birth of a child in the family in 2020, which added an extra $1,400 in stimulus money.
Though the IRS has been automatically sending out the plus-up payments, you need to do your calculations and check with the amount you have received. You have till the tax season in 2022 to claim any stimulus amount that you might have missed.
Rely On The Get My Payment Tracker For Getting The Latest Status For A Missing Check
If you have any pending stimulus payment, you can rely on the IRS Get My Payment tracker for the latest update. This online tool will alert you if you need to update any information to get the correct payment.
You will get the payment status detailing the date your payment will be sent and also the mode of payment; either through the postal service or a direct deposit to your account.
You will not get any information on a plus-up payment. If your stimulus check is coming in through the US postal service you can log in to their free tool to get the latest update on the check.
A Few More Timelines From The IRS
The IRS has until December 31 to send out the third stimulus checks. The payments are sent out based on fresh information obtained from new tax returns filed before the May 17 deadline. Those who missed out on the last date may file for an extension.
The extended date till the end of this year will give the IRS room to settle the maximum payments, including people who file for extensions, or people who did not have a mailing address entered in the IRS records.
If you do not receive your stimulus payment by the end of this year, you can always file a Recovery Rebate Credit along with your 2021 returns and claim your pending stimulus check through a tax refund, or adjust your payment against taxes.
Hope For A Fourth Stimulus Check
Prominent Democratic lawmakers have been appealing to President Biden to continue with the direct stimulus payments. They have pointed out that the third stimulus checks will not last most American families beyond a couple of months.
Prominent Senators including Bernie Sanders and Elizabeth Warren have urged President Biden to include more direct stimulus payments in any plans.
Retain For 1444-C For Future Reference
This letter signed by President Biden contains a few vital pieces of information and is the only official document detailing your stimulus payment including the amount. If you do not receive the full amount, you can use this letter as a reference. This letter will also be needed for filing the 2021 tax returns next year.
Tracing A Missing Stimulus Check
If you have received Notice 1444-C from the IRS but have not received your stimulus check, you should file a payment trace to track your payment. The IRS will reissue a fresh check if they cannot trace it.
Re-check your calculation against the payment you have received. Use the various online tools and enter all the relevant details. This includes the number of dependents in your household, your Adjusted Gross Income based on the 2020 tax returns, and your marital status.