AMERICANS could miss out on a $1,400 plus-up stimulus payment if they don't take action by next week.
The deadline for the IRS' plus-up stimulus payment is quickly approaching less than a week before the New Year.
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The payments are part of the American Rescue Act, signed by President Joe Biden in March.
Under the legislation, some Americans may receive a $1,400 payment if they’re eligible for a plus-up check.
The plus-up payments will be sent out to those who received a stimulus check based on their 2019 tax return or information obtained from the Social Security Administration.
To be eligible for the plus-up payment, you must have earned less in 2020 versus 2019.
For example, if something changed on your 2020 tax return - like you made less money or added a dependent - you may be eligible for the plus-up payments.
TAKE ACTION BEFORE DEADLINE
Americans looking to score a surprise stimmy need to act quickly because the IRS has a December 31 deadline for issuing the payments.
The IRS will not issue plus-up payments beyond then.
The easiest way to do this is to provide a 2020 tax return.
Once the IRS has this, they will evaluate whether you are eligible or not.
Americans can check the status of their stimulus check using the IRS Get my Payment Tool.
About 500,000 plus-up payments have been made via direct deposit, while the rest were via checks.
Cassandra Kirby, a senior executive at wealth advisor Braun-Bostich & Associates in Pittsburgh, said: "Let's say a married couple with one child had adjusted gross income of $165,000 in 2019, and because their income was more than $160,000, they are not eligible for any portion of the third payment.
"However, in 2020, they had another child, and their adjusted gross income dropped from $165,000 to $155,000."
That's because they would fall within the $150,000 to $160,000 threshold with an additional dependent and would be eligible for $2,800 in stimulus money.
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