National

Stimulation Check Updates When will I receive a new “plus up” payment?

According to CNBC, the Internal Revenue Service said Wednesday that nearly 700,000 Americans could receive a “plus-up” incentive this week for their tax returns.

What is a “plus up” payment?

As I wrote in Deseret News, “plus-up” payments will be filed in 2020 and will be sent to fewer taxpayers than those based on the 2019 tax return.

  • The stimulus check sent earlier this year was based on the latest tax return. For some, it included a 2020 tax return. Others are based on the 2019 tax return.
  • Therefore, if you pay less in 2020 than in 2019, you will receive one of these payments.

You may have received a “plus up” payment

The IRS said it had already begun sending “plus-up” payments in early April. The CNBC reports that the IRS will continue to send these payments as people continue to file their tax returns for 2020.

Why are there “plus up” payments?

The Washington Post reports that Congress has added a “plus-up payment” to President Joe Biden’s COVID-19 bailout plan to help the IRS deal with the unprocessed portion of its tax returns.

  • “Recognizing the unprocessed portion of the IRS, Congress has reinstated and essentially replenished those who were in short supply due to changes in tax conditions in 2020 during this stimulus bailout round, according to the Washington Post. Gives government agencies the ability to do. “

Stimulation Check Updates When will I receive a new “plus up” payment?

Source link Stimulation Check Updates When will I receive a new “plus up” payment?

Show More

Related Articles

Back to top button