“plus-up” paymentsBusinessstimulus checks

‘Plus-Up’ Stimulus Checks Going Out To Those Who Were Underpaid – trendat

DALLAS (CBSDFW.COM) – Millions of Americans could soon be receiving an unexpected extra stimulus check. The IRS has started sending out “plus-up” payments to people who did not receive the full stimulus payment amount they are eligible for.

When the latest stimulus payments started going out, the payment amount was determined by the most recent tax return information the IRS had on file.

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For many that was still their 2019 tax return.

However, especially with the pandemic shut downs and record unemployment, many had a much lower income in 2020.

In some cases, the lower income made them eligible for a bigger stimulus check.

These “plus-up” checks are the difference between what people initially received and what they are entitled to.

“The most important thing people can do to make sure they receive their proper stimulus amount would be to go ahead of file a 2020 tax return,” said Bob Probasco, tax expert with the Texas A&M University Law School. “The IRS will catch up to these returns and make corrections to the stimulus payments.”

The IRS urges low and moderate income families, especially those who normally don’t file, to use Free File to file a 2020 tax return.

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Missed stimulus payments from the first two rounds of checks in 2020 can be claimed a rebates on a tax return.

Plus, the 2020 tax return will provide the IRS with the information needed to send out the third $1,400 stimulus payment.

Through Free File, leading tax software providers are supposed to make their online products available for free.

Click here for details.

There are also options to free file using your mobile device.

For those who are not comfortable doing their own return, IRS volunteers offer tax help at more than 11,000 tax help sites, nationwide.

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To find the nearest site, click here or call 800-906-9887.

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