Stimulus checks still coming: Track your money status, plus-up payments, everything to know

Stimulus checks still coming: Track your money status, plus-up payments, everything to know

Another batch of stimulus payments went out this week from the IRS. We’ll explain the schedule, rules, timelines and other key details if you’re waiting for your payment.

Another 1.8 million stimulus checks went out with the latest batches of payments from the IRS. If your money is not in this round, however, know that the tax agency is not nearly done sending payments. Over the last two weeks, the IRS sent more than $3.5 billion in payments to those who are eligible for the $1,400 checks. We’ll show you how to use the IRS tracker to get an idea of your payment schedule and if something is delaying your money.

On top of the third stimulus checks, the IRS is sending “plus-up” payments to those who qualify for the supplemental payment under the American Rescue Plan. Passed in March, that stimulus package also included the advance child tax credit and a tax exemption for 2020 unemployment benefits.

Here’s what you should know about reporting a stimulus check problem and when to file a payment trace. If you have dependents, look out for the advance child tax credit payments to begin in July — you can calculate how much you’ll receive here — and learn more about the upcoming IRS portals for that credit. Also, we’re following the debate over a possible fourth stimulus payment. And here’s how to check if an employer owes you back wages you need to claim. This story is updated on a frequent basis.

Who’s now receiving the third stimulus checks and plus-up payments?

The IRS this week and last has sent two batches of payments for more than $3.5 billion: $1.9 billion as paper checks in the mail and another $1.6 billion as direct deposits to bank accounts. These two batches also include 900,000 payments for $1.9 billion to eligible individuals the IRS didn’t have information for and who recently filed a tax return, along with two more rounds of plus-up payments for $1.6 billion.

What are plus-up stimulus payments? Depending on which year’s tax form the IRS used when it did the math on your third payment, the IRS may have calculated the amount of the payment using an older tax form instead of your 2020 filing. If this is your situation, once the IRS receives your 2020 tax return and calculates your third payment again, you could be due more money based on information from your current filing — or on other factors if you don’t usually file.

The IRS said it’s automatically sending these plus-up stimulus payments if it needs to square up the amount it owes you, but to double-check the math, you may want to confirm how much money you should expect this stimulus round, and then track your payment.  ReadMore

Source : cnet

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