Additional payments based on 2020 returns will be shipping weekly.
Photo: Jeff Fusco / Getty Images
Now that the IRS has already processed many 2020 tax returns, some people are eligible to receive an additional payment, also known as a plus-up.
And, if you already received a stimulus check based on your 2019 tax returns, you may be eligible to receive more money once you have filed your 2020 tax returns.
According to the IRS, these supplemental payments are already being delivered to people since the beginning of March. The money was being given to them based on the 2019 tax returns.
Now, the first batch of money will come out for people who are eligible for a new or higher payment based on their recently processed 2020 returns.
Individuals could receive a supplemental payment in the following cases:
–They had less income in 2020 compared to 2019.
–They had a new child or dependent that they put on their 2020 tax return, but that was not present on their 2019 returns.
These additional payments, announced April 1, also include payments for people for whom the IRS previously did not have the necessary information to issue a payment, but who recently filed and are eligible for a stimulus check.
This means that if you haven’t filed your tax return by now, payments can still be sentas 2019 and 2020 returns still have time to process. The IRS says that the payments will be sent weekly.
This particular batch includes more than 4 million payments, which is equal to more than $ 10 billion, according to the IRS. Two million of those payments are checks that will be given as direct deposit and another two million people will receive payments with paper checks., which will be sent by traditional mail.
To aid in the process and ensure payments are received, the IRS offers free tax preparation and filing on its official website for qualified taxpayers.
In order to use this service, you must earn $ 72,000 or less. The service includes guided preparation with automatic math calculations, free federal tax filing at an IRS partner site, and state tax filing, which, in some cases, may also be free.
You may also be interested in: Parents who had children in 2021 could have tax credits of up to $ 5,000