Stimulus checks, ‘plus-up’ payments and tracking your money: Everything to know



The IRS has sent out another batch of stimulus payments to eligible taxpayers this week, with many coming by mail in the form of a check or debit card. If you haven’t yet received your stimulus check for up to $1,400, there are ways to navigate the IRS weekly payment schedule and track your payment.

On top of the third stimulus checks, the IRS is sending “plus-up” payments to those who qualify for the supplemental payment under the American Rescue Plan. Passed in March, that stimulus package also included the advance child tax credit and a tax exemption for 2020 unemployment benefits.

Here’s what you should know about reporting a stimulus check problem and when to file a payment trace. If you have dependents, look out for the advance child tax credit payments to begin in July — you can calculate how much you’ll receive here  — and learn more about the upcoming IRS portals for that credit. Also, we are following the debate over a possible fourth stimulus payment. This story is updated on a frequent basis.

Who is getting the third stimulus checks and plus-up payments?
The IRS sent more than $1.7 billion this last week to those who are eligible: $949 million as paper checks in the mail and another $809 million as direct deposits to bank accounts. This batch includes payments to eligible individuals the IRS didn’t have information for and recently filed a tax return along with another round of plus-up payments.

What are plus-up stimulus payments? Depending on which year’s tax form the IRS used when it did the math on your third payment, the IRS may have calculated the amount of the payment using an older tax form instead of your 2020 filing. If this is your situation, once the IRS receives your 2020 tax return and calculates your third payment again, you could be due more money based on information from your current filing — or on other factors if you don’t usually file.

The IRS said it’s automatically sending these plus-up stimulus payments if it needs to square up the amount it owes you, but to double-check the math, you may want to confirm how much money you should expect this stimulus round, and then track your payment.

How can the IRS tracking tool tell you the status of your stimulus payment?

With the IRS Get My Payment tracker tool, you can get a daily update on the status of your payment. The online app can also alert you with a message if there’s a problem with your payment that you may need to address. It can’t, however, give up an update on your plus-up payment status from the IRS.

If you expect your payment to come in the mail, you use a free tool from the US Postal Service to track your mailed stimulus payment...Read more>>

Source:-cnet

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