You Could Be Eligible For a ‘Plus-Up’ Stimulus Payment
Time for another vocab lesson for COVID times. On the list this week, it's 'plus-up' stimulus payments.
Many Americans may have recently gotten their third round of stimulus checks, worth up to $1400 each. But included in the latest stimulus package, there are supplemental payments that only some people may see showing up in their direct deposits or in the mail.
The IRS refers to these supplemental payments as "plus-up payments," and they'll be sent out to people who may now qualify for more of a stimulus check than they originally received. While all three of the stimulus checks so far have been based on Americans' tax returns from 2019, eligibility for the plus-up payments will be based on the recently-processed 2020 tax returns and take into account any changes that may have affected how much stimulus money they could receive.
So who's eligible for the plus-up payments? Say your income dropped between 2019 and 2020. Maybe you had a baby or you added a new dependent that is now reflected on your 2020 tax return. You could be eligible for a little extra stimulus money to make up for what you may have missed during the first three payments.
If you're still waiting on your third stimulus check or are now expecting the added bonus of a plus-up payment, you can check on the status of your payments through the IRS's website.
What are you planning on spending your stimulus money on this time around? Have you already put it toward bills or fun trip for the family? Let us know inside the free WSBS app!