THE IRS will issue around $1.2billion in "plus-up" stimulus payments to more than 700,000 Americans this week.
The extra stimulus funds are being sent to those who didn't receive as much money as they were entitled to in the third round of relief payments.
The third $1,400 stimulus check was issued after the American Relief Act was signed last month and based on an individual's 2019 or 2020 tax return.
However, those who were issued a payment based on their 2019 return may not have received the full stimulus payment they were entitled to.
The 2019 return would not have reflected the individual's correct financial situation if they lost their job last year due to the pandemic or if they had a child who they would now class as a dependent.
Americans who have since filed their 2020 tax return after receiving a stimulus payment and are still owed more money will now receive the "plus-up" payment.
The first of the "plus-up" stimulus payments were issued by the IRS earlier this month, Fox News reports.
The IRS has committed to issuing them on a rolling basis as more 2020 tax returns are processed.
The government agency has warned that the "plus-up" payments may still be less than expected.
It added that there may be a "slight delay in processing the return" if there are discrepancies with dependents and the money owed.
This includes issues when divorced parents may both try to claim the same dependent in their tax return.
FOURTH STIMULUS CHECKS
As of Monday, the IRS has issued 159million stimulus checks worth more than $376billion.
It comes as the chance of a fourth $1,400 stimulus check becomes more likely.
Congressional Democrats have demanded that President Joe Biden continue payments to hard-hit Americans until the pandemic is over.
There have even been calls for a fifth stimulus check as experts say the cash payments could lift 12million Americans out of poverty.
The effort to push for more checks began in January when US Representative Ilhan Omar and 52 other House Democrats asked Biden and Vice President Kamala Harris to push for recurring checks.
Now more congressional members have joined the progressive push for a continued cash injection into people’s bank accounts.
The stats of your stimulus payment can be checked on the IRS website via the Get My Payment tool.
Source: Read Full Article
