'Surprise' stimulus payments coming to some families this month
BALTIMORE (WBFF/WKRC) - Stimulus payments during 2021 are almost finished. The American Rescue Plan signed into law by President Joe Biden back in March delivered money to Americans in several ways. Earlier this year, most people got $1,400 direct payments. Families with children are still receiving money in the form of the expanded federal Child Tax Credit.
Some families will be receiving payments this month, and they might not have expected the money.
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The payments are called “Plus-up” payments by the IRS. Some people were sent stimulus payments based on their 2019 tax return. Peoples' circumstances may have changed, however. Income may be lower because of a job change or losing a job. Some families may have had a child. That change will be noticed by the IRS when they filed their 2020 taxes. The “plus-up” payments are intended to make up the difference between what they received based on the 2019 tax filing and what they are owed based on their 2020 tax filing.
As a reminder, people qualify for the Economic Impact Payments if they make $75,000 or less as a single filer or $150,000 or less as a married couple filing jointly. Also, people can get the money even if they don't normally have to file a tax return. The payment is fully refundable.
People and families will automatically receive the payments. The money is typically sent two weeks after receiving the return. The IRS says it will send out the “Plus-up” payments until the legislative deadline of December 31, 2021. The IRS has a lot more information about the payments on its website. You can check the status of your Economic Impact Payment.
