Stimulus Check Deadline Update for ‘Plus-Up’ Payment: Throughout the past year, there is no question that coronavirus stimulus checks that were approved under President Joe Biden’s American Rescue Plan have grabbed most of the headlines.
However, do take note that there were other related payments green-lighted in the stimulus bill that are continuing to be issued to financially assist eligible Americans amid the ongoing pandemic.
For example, one of the more talked about cash windfalls from the federal government is the so-called “plus-up” or supplemental checks, which have continued to head out to Americans for much of the past year.
But now, apparently, time is running out quickly—only till December 31—to determine if individuals are indeed eligible for these extra checks.
Be aware that these particular top-off funds, according to the Internal Revenue Service (IRS), are reserved for taxpayers “who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns.”
For example, these checks “could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations,” the agency continued.
The IRS will automatically evaluate one’s eligibility after processing 2020 tax returns.
“You do not need to take any action other than file a 2020 tax return as soon as possible to give the IRS time to process a plus-up payment before the end of 2021 if you are eligible,” the agency states on its website.
“We are sending plus-up payments to eligible taxpayers every week until the legislative deadline of December 31, 2021,” it continues.
‘Stimulus Check’ Refunds from Unemployment Benefits
In addition, know that tax refunds from 2020 unemployment benefits are continuing to be direct deposited. These payments are also from the president’s legislation, which was able to waive federal tax on up to $10,200 of unemployment benefits—or $20,400 for married couples filing jointly—that were received by taxpayers last year.
Unemployment benefits are generally treated as taxable income, according to the tax agency.
“The IRS efforts to correct unemployment compensation overpayments will help most of the affected taxpayers avoid filing an amended tax return. So far, the IRS has identified over sixteen million taxpayers who may be eligible for the adjustment. Some will receive refunds, while others will have the overpayment applied to taxes due or other debts,” the IRS says in a release.
“To date, the IRS has issued over 11.7 million refunds totaling $14.4 billion. This latest batch of corrections affected over five hundred nineteen thousand returns, with four hundred thirty thousand taxpayers receiving refunds averaging about $1,189,” it continues.
Ethen Kim Lieser is a Washington state-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.