If You Just Did This, You May Be Getting Another Stimulus Check, IRS Says
The money may already be on its way to you in some cases.
The COVID-19 pandemic upended lives in countless ways, but putting a major strain on personal income and household finances was one felt by millions across the U.S. In fact, according to Census data from mid-June, a quarter of Americans said they had struggled to cover their household expenses in the previous week, CBS News reports. Fortunately, payments set up by the government to eligible individuals have helped to ease the burden, even after the third round initially saw multiple delays due to debates amongst lawmakers. But according to the IRS, you may still be getting another stimulus check in the coming weeks if you recently did this one thing. Read on to see if there's money potentially headed your way.
You may get another stimulus check if you recently filed your taxes for 2020.
On July 21, the Internal Revenue Service (IRS) announced that it was still sending out payments that were authorized in March under the American Rescue Plan. The tax agency specified that those who had recently filed their 2020 income taxes might be getting another stimulus check as part of a "plus-up" adjustment for anyone who initially received less than they are owed, reporting that 900,000 such payments totaling more than $1.6 billion have been issued in the past six weeks alone.
The additional payments are being used to help square up after any major changes since eligibility for the full $1,400 payments was based on income reported on 2019 tax returns. Anyone who has recently filed their taxes and has shown a drop in the amount of money they make could qualify for one of the plus-up payments, MoneyWise reports.
You might also be getting a stimulus check if the IRS couldn't reach you before.
The IRS also announced that 1.3 million of the most recent set of payments were sent out to recipients who had not yet received any stimulus from the latest round due to a lack of contact information. Those who recently filed their taxes with updated information the agency needed will finally see the funds they're owed make their way to them, with the agency saying that it's continuing to disburse such payments every week.
To be eligible to receive the full $1,400 checks, your tax filing must show that you made $75,000 or less over the course of the year or $150,000 for married couples who jointly file. Above that, payments are adjusted for individuals who make up to $80,000 and married couples who make up to $160,000 before they are capped and become ineligible.
The IRS is urging everyone to file their 2020 taxes to take advantage of other new benefits.
Besides getting another stimulus check, you may be entitled to more money from the government if you saw another person added to your family this past year. The IRS urges everyone to file updated taxes to take advantage of the recently expanded Child Tax Credit, which began will delivering monthly payments on July 15 and will continue through December. The program provides $300 for each child under the age of six and $250 for each child between age six to 17 to low-income and middle-class families who earn below an income threshold, CBS News reports.
According to the IRS, single taxpayers who earn $75,000 or less, heads of household who earn $112,500 or less, and jointly-filed married couples earning $150,000 or less are eligible, as well as qualified widows and widowers.
People who live in California may see another stimulus check coming their way soon.
While the debate over whether or not to send an additional round of aid payments is still going on at the federal level, one state is already making moves to send its citizens another stimulus check in the coming months. After first proposing the plan in May, California Gov. Gavin Newsom signed legislation on July 17 that would see more cash relief payments sent out to state residents.
Under the plan, Californians who qualify will receive a "Golden State Stimulus check" for $600, while families with children will see an additional $500, Yahoo Finance reports. To be eligible, you must have made no more than $75,000 as per your most recent tax filing and have lived in California for at least half of the tax year. According to Newsom's office, this covers roughly two-thirds of the state's population.