ORLANDO, Fla. - So you got your third stimulus payment but you didn't qualify for the whole $1,400. An extra payment could be coming your way soon.
According to Yahoo!, a new batch of stimulus checks will be sent to hundreds of thousands of Americans in what the IRS is calling 'plus-up' payments.
The IRS explains in a news release that this batch includes the first of ongoing supplemental payments for people who earlier in March received payments based on their 2019 tax returns. But those returns didn't always accurately capture a person's financial situation; for instance, millions of Americans who lost their jobs, or saw their income reduced, last year as a result of the pandemic were actually qualified for a bigger check. That also includes individuals who had a child in 2020.
"These 'plus-up' payments could include a situation where a person's income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations."
No action is needed by most people to obtain this round of Economic Impact Payments. People can check the Get My Payment tool on IRS.gov on to see if their payment has been scheduled.
Individual taxpayers with an adjusted gross income up to $75,000 qualify for the full $1,400 stimulus check. Couples earning $150,000 or less are eligible to receive a check worth $2,800.
Millions of Americans were sent a third round of stimulus checks in March in an effort to offset some of the financial burden that many families have endured during the coronavirus pandemic. It was part of President Joe Biden's $1.9 trillion COVID-19 relief package.
Although there have been calls for a fourth stimulus check, Biden did not include recurring checks in the recently passed relief plan.
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