These supplemental payments have already been going out to people since the beginning of March, but this money was being given to them based on 2019 tax returns.
Now that the IRS has already processed many 2020 tax returns, some people are eligible for an additional payment, also known as a plus-up.
And that is, if you already received a stimulus check based on your 2019 tax returns, you may be eligible for more money once you’ve filed your 2020 tax returns.
According to the IRS, these supplemental payments have already been going out to people since early March. The money was being given to them based on 2019 tax returns.
Now, the first batch of money will go out for people who are eligible for a new or increased payment based on their recently processed 2020 returns.
Individuals could receive a supplemental payment in the following cases:
-They had less income in 2020 compared to 2019.
-They had a new child or dependent they put on their 2020 tax return, but who was not present on their 2019 returns.
These additional payments, announced April 1, also include payments for individuals for whom the IRS previously did not have the information needed to issue a payment, but who recently filed and are eligible for a stimulus check.
This means that, if you haven’t filed your tax return until now, payments can still be sent out, as 2019 and 2020 returns still have time to process. The IRS says payments will be mailing weekly.
This particular batch includes more than 4 million payments, equaling more than $10 billion, according to the IRS. Two million of those payments are checks that will be given as direct deposit and another two million people will receive paper check payments, which will be sent by traditional mail.
To assist in the process and ensure that payments are received, the IRS is offering free tax preparation and filing on its official website for qualified taxpayers.
In order to use this service, you must earn $72,000 or less. The service includes guided preparation with automatic mathematical calculations, free federal tax filing on an IRS partner site, and state tax filing which, in some cases, may also be free.