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The IRS has been sending the additional payments since the start of this year, but it will soon stop sending that payment. The deadline to claim this additional coronavirus recovery check is fast approaching. Those who believe they have received less stimulus money than they should have had based on their outdated tax return have about two weeks to claim their increased payment.
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Verification of coronavirus Plus-Up stimulation: what is it?
Congress has approved three rounds of stimulus checks since the pandemic began last year. Two stimulus checks were approved last year and one was approved in March of this year. The IRS primarily used the 2019 income tax return of eligible recipients to determine the amount of their stimulus check.
This is because most people would not have filed their 2020 tax return when the IRS started sending out the stimulus checks. Since these stimulus payments were an early tax credit, those whose income fell in 2020 would be entitled to more money. This extra money is called an increased payment.
In addition, those who obtained the stimulus test based on information from the SSA, RRB or VA, would also be eligible for the coronavirus plus-up stimulus test.
So far, the IRS has not disclosed the number of additional payments it has sent. The agency, however, reportedly sent around 900,000 “plus” payments worth more than $ 1.6 billion in July.
Who is eligible for the plus-up payment?
Speaking of who is entitled to this increased payment, all American taxpayers whose income was lower in 2020 than in 2019, are entitled to an increased recovery check from the coronavirus.
So if you think you are also eligible for the coronavirus stimulus plus checks, then in order to claim it you need to file your 2020 tax return by December 31st. One point to note is that December 31st is the legislative deadline for sending over-up payments.
Even though the deadline is December 31, it is recommended that you file your 2020 tax return as soon as possible. This is because the IRS typically takes about two weeks to send the increased payment after processing the tax return.
Once you have filed your 2020 tax return, the IRS will assess the return to determine whether or not you are eligible for an additional coronavirus stimulus test. You can access the IRS “Get My Payment” tool to check the status of your increased payment. Aside from filing your tax return, people don’t need to take any other steps to claim the increased payment.
“We automatically assess your eligibility after processing the 2020 return. You don’t need to take any action other than filing a 2020 tax return as soon as possible to give the IRS time to process an increased payment before it’s finished.” by 2021 if you’re eligible, ”the IRS says.
Updated December 15, 2021 at 9:39 a.m.
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