If you think your recently filed 2020 tax return qualifies you for a bigger stimulus check than you received in March, check your bank account: The IRS said it distributed another 460,000 so-called “plus-up” payments on Wednesday.
The IRS has been sending the supplemental payments weekly since the end of March, and said the latest round means more than 6 million “plus-up” payments have now been doled out, totaling over $7.5 billion. The payments were processed beginning on May 7 but have an official payment date of Wednesday, May 12, the agency said.
The “plus-ups” are sent to taxpayers whose 2020 tax returns were processed after the amount of their third-round stimulus check payments was determined. Maybe you made less money in 2020 than in 2019, or had a new child or dependent in 2020. Whatever the reason, if your new situation changes the math, the IRS will send additional funds to you via direct deposit. (And no, it doesn’t work the other way around. If you made more in 2020, you don’t have to pay anything back.)
As part of the American Rescue Plan, the third round of stimulus checks paid $1,400 per person, including per dependent, to individual taxpayers with an adjusted gross income of $75,000 or less, and a reduced payment for those earning up to $80,000. (The cutoffs were different for married couples and heads of household.) This latest batch of “plus-ups” was worth more than $800 million, meaning the average value of each payment was more than $1,700.