If your recently filed tax return makes you eligible for a larger stimulus check than the one you actually got, keep an eye on your bank account: A new batch of “plus-up” payments has just gone out, putting the total value of these corrected payments at more than $9.1 billion so far.
The IRS said Wednesday another 900,000 of these supplemental payments have been sent out over the last two weeks, including some with official payment dates of Wednesday. All told, almost 7 million of these payments worth more than $9.1 billion have been distributed by the agency this year.
The “plus-ups” are for taxpayers who received their third-round stimulus check based on an outdated tax return. Having reduced income or additional dependents are among the reasons you might qualify for a bigger check. And fortunately for taxpayers, it doesn’t work the other way around: There is no “minus-down” payment that you owe the IRS if you had more income or fewer dependents.
The checks, authorized by the American Rescue Plan pandemic relief bill, paid up to $1,400 per person and per dependent, with amounts reduced for individuals with adjusted gross incomes of between $75,000 and $80,000. (Those income cutoffs were higher for heads of household and married couples filing jointly.) This latest batch of “plus-ups” was worth $1.6 billion, meaning the average value was more than $1,700.