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What Is A Plus-Up Payment and How Can I Get One? - Yahoo Finance

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Bill Oxford / Getty Images/iStockphoto
Bill Oxford / Getty Images/iStockphoto

Plus-up payments are an extra stimulus payment sent out to those who received a stimulus check based on a 2019 tax return or information received from the Social Security Administration, U.S. Railroad Retirement Board or Veterans Affairs and might be eligible for a larger payment based on their 2020 tax return.

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For example, if your 2019 income was above the threshold for the full stimulus payment but your 2020 income was less than the threshold amount, you received a smaller payment than you were entitled to if it was based on your 2019 return. Your plus-up payment will make up the difference between the amount you received based on your 2019 return and the amount you’re eligible to receive based on your 2020 return.

The IRS will automatically evaluate your eligibility once your 2020 tax return is processed. You do not need to take any further action to receive a plus-up payment if you are eligible, other than making sure both your 2019 and 2020 returns are filed.

See: Missed the Tax Deadline? Here’s What to Do
Find:
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Plus-up payments are sent separately from your 2020 tax refund and other stimulus payments, meaning you can receive it at a different time, and it might come in the form of a check even if you received your stimulus via direct deposit or debit card.

Important to note: If you filed your 2019 return as you normally would but did not add your spouse or any dependents, then you are also eligible to receive a plus-up payment. This is because the threshold has now changed for you as well. The IRS advises you file a 2020 tax return with your spouse and dependent listed. Once it processes the return, you will receive the full amount of the plus-up payment.

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The IRS has a Get My Payment tool you can use to find out if you are eligible for a plus-up payment. When you view your account from that page, you won’t see the status or amount of your third stimulus — you’ll see information pertaining to your plus-up payment instead.

If you do not ordinarily file taxes, make under $75,000 or have no income, you can use the Free File tool to claim your stimulus payment as a tax rebate.

The IRS will continue to roll out stimulus and plus-up payments in the coming months, so it’s important to see if you’re eligible in order to secure your payment.

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This article originally appeared on GOBankingRates.com: What Is A Plus-Up Payment and How Can I Get One?

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