If you’re waiting for a third stimulus check, your patience could soon be rewarded. But even if you got a good chunk of stimulus money, there could be even more on the way that rightfully belongs to you. The IRS and US Treasury are still sending millions of checks through “plus-up payments,” weekly adjustments for folks who already got a check, but are actually owed more as a result of information on their 2020 tax returns and more. With the
In just a few months, the IRS will start sending out the expanded child tax credit payments to eligible families with qualifying dependents. If you qualify, you’ll start receiving monthly payments from July to December, per the IRS, and the rest of your money will come with your 2021 tax refund.
Payments will range between $500 and $3,600 for each dependent, depending on age (see below). And if you have
For those last-minute tax filers who were rushing to get their returns done, there’s good news: you’ve been given a one-month reprieve.
Tax Day 2021 has been pushed back to May 17 from April 15 without penalties and interest, giving Americans more time to file their federal returns as the IRS implements sweeping tax code changes from the latest COVID-19 relief package.
The original payments were based on 2018 or 2019 tax returns. That means people who earned less in 2020 could be owed more money. Once they file their 2020 tax return that shows a lower income amount, the IRS will automatically send them an additional payment.
Separately, families that welcomed new children in 2020 could also be eligible for additional dependent payments.
As of last week, the government had sent out 130 million stimulus payments to those who qualify for the third round of checks approved by Congress in March.
The new payments are worth up to $1,400 per person
A third batch of $1,400 stimulus checks has been sent, which this time includes “plus-up” payments for people who are eligible for more money now that their 2020 tax returns have been processed.
The latest payments bring the total number of checks issued to more than 130 million, representing a total of about $335 billion, according to the IRS.
The third batch included more than 4 million payments worth more than $10 billion. Those payments had an official payment date of March 31, but could have been received earlier, according to the tax agency.
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