If you recently filed your 2020 tax return, you may be at the end of another incentive payment.
The IRS announced last week Some Americans will see the additional funds in their bank accounts as “plus up” payments. Those eligible for the additional cash include those whose “income decreased in 2020 compared to 2019, or a person had a new child or, according to the IRS, relied on their 2020 tax return”.
The first two batches of payments were processed by President Biden on March 12 and 19 after the signing of the $ 1.9 trillion COVID-19 incentive bill on March 11.
Under the latest bill, Americans earning up to $ 75,000 per year will receive a $ 1,400 check, while the amount will be reduced for those earning between $ 75,000 and $ 80,000. Their threshold for payment to married couples filing their taxes jointly will be doubled.
At the time it was suggested that Americans who want to maximize their incentives should file their 2020 taxes as soon as possible if they lost their jobs or in significant wages as part of the COVID-19 epidemic. Decreased.
As part of the third batch of incentive payments, which began March 26, the IRS will make adjustments to the 2020 tax return, as the previous deposit was based on the 2019 return.
The IRS stated in its press release, “This batch includes already ongoing supplemental payments for those who received payments based on their 2019 tax returns in March, but recently processed 2020 new or larger Are eligible for payment. ” .
Third-round payments are expected to reach 4 million Americans for more than $ 10 million.
Out of 4 million, 2 million are expected to receive incentive payments through paper checks, while the rest will deposit their money directly into the bank account.
Americans can track the status of their checks Via the Get My Payment tab On the IRS website.