If you made less money in 2020 than in 2019 and recently filed your tax return, check your bank account: You might be part of the latest round of “plus-up” payments the IRS is making to taxpayers entitled to a larger stimulus check.
The tax agency started distributing the “plus-ups” in March, and the latest batch, more than 1.1 million distributed over the last two weeks, brings the total to over 8 million, the IRS said Wednesday. All told, the corrected payments made this year are worth more than $11.6 billion.
The payments generally apply to taxpayers whose March stimulus checks were based on outdated tax return information. Besides earning less in 2020, you might get one if you had a baby or otherwise added a dependent. (And it doesn’t go both ways, by the way. The IRS isn’t going to ding you if your latest tax return would qualify you for less money than you received.)
The March stimulus checks, the best-known provision of the American Rescue Plan pandemic relief bill, paid $1,400 per taxpayer to those with adjusted gross incomes of $75,000 or less. (For heads of household, the threshold was $112,500, and for married couples filing their taxes jointly, $150,000.) Anyone making over $80,000 (over $120,000 for heads of household and $160,000 for couples) wasn’t eligible to receive any money, while income in between qualified for a reduced payment.