IRS Sends More Supplemental Stimulus Payments
The IRS continues to distribute so-called "plus-up" payments to those eligible for larger stimulus checks, with some in the latest round coming out later this week.
This means that if you made less money in 2020 than in 2019 and you recently filed your tax return, you should check your bank balance.
The IRS has already distributed about $ 18.5 billion through more than 9 million of those supplemental stimulus payments, the agency said Wednesday. Payments go to people whose March stimulus checks were based on outdated information from updated tax returns.
For example, you may qualify for a bigger check if you make less money or have a child in 2020. (But don't worry, it's not a two-way matter. The IRS won't penalize you if your last tax return qualifies you for less money. the one you received).
Perhaps the most well-known feature of the American Rescue Plan's pandemic relief bill, the March stimulus checks paid $ 1,400 to those with adjusted gross income of $ 75,000 or less.
(For heads of household, the limit was $ 112,500 and for couples filing taxes together, $ 150,000).
Anyone who earned more than $ 80,000 (more than $ 120,000 for heads of household and $ 160,000 for couples) was not eligible to receive any money as long as income qualified for a reduced payment.
We hope you enjoy watching this video about supplemental stimulus payments
Source: HealthWatch Wisconsin
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