A third round of $1,400 stimulus checks have been received by tens of millions of Americans and some contain “plus-up” payments for people who can get more money presently due to the IRS processing their 2020 tax return.
The new checks received gained congressional authorization in March through President Biden’s $1.9 trillion American Rescue Plan, designed to lift the economy out of the adverse effects of the coronavirus pandemic. Specifics of the stimulus payments include $1,400 payments to individual Americans who largely earned under $75,000 a year plus $1,400 per dependent or $5,600 per family.
The third round processed brings the total number of checks issued to more than 130 million to a monetary total of $335 billion doled out, CNBC reported IRS officials saying on April 6. People who are due the additional money, or “plus-up” payments are among those in the third batch.
The criteria for a “plus-up” payment includes those who received a stimulus check based on their 2019 tax return but qualify for more money now that their 2020 returns have been processed. An example of this is a decline in income in 2020 compared to 2019 or the addition of a new dependent, CNBC reported.
The current checks have been issued to people who also recently filed tax returns in order to qualify for the stimulus because the IRS didn’t have their information on file. The “plus-up” payments and checks to people who previously didn’t have their information on file will continue on a weekly basis going forward, according to CNBC.