TIME is running out to claim your plus-up stimulus check.
If your income dropped significantly between 2019 and 2020, you may be eligible for more money.
When incentive checks were introduced at the onset of the Covid pandemic, they were issued based on the most recent tax return on file.
Another round of stimulus checks took place in March 2021, when many had not filed their 2020 taxes yet, so their check was based on their 2019 returns.
But many people saw their income drop significantly between 2019 and 2020 as a result of the pandemic.
As a result, some may have received less than they were entitled to because the amount was based on an outdated tax return.
Plus-up incentive checks are the difference between the amount you received based on your 2019 tax return and what you are actually entitled to based on your 2020 tax return.
So those who have received less than they should receive the rest of the money they owe through a surcharge.
Who is eligible for incentive checks?
To qualify for the most recent round of stimulus checks, certain requirements must be met.
The income limits are:
- Single filers: $75,000 or less
- Filing Married Couples Jointly: $150,000 or Less
- Household heads: $112,500
Read our stimulus checks live blog for the latest updates on Covid-19 aid…
If you have not yet filed a 2020 tax return and believe you qualify for a plus-up stimulus check, you have until December 31 to file.
No additional measures need to be taken.
According to the IRS, the side payments are generally processed within two weeks of filing a 2020 tax return.
If you have not yet received your third stimulus check, you can use the IRS tool to track your payment.
We explain all the cash boosts planned for Christmas.
We also explain who is eligible for surprise incentive payments worth up to $1,200.
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