A fourth batch of $1,400 stimulus payments has been sent, and this time Social Security beneficiaries received most of the money.
The IRS announced new stimulus checks totaling more than $36 billion has been issued. The IRS plans to start processing payments this week for Veterans Affairs beneficiaries who do not normally file tax returns.
Those, who have already received a stimulus check could be getting a supplemental payment the IRS is calling a “plus-up” payment.
A plus-up payment is “the first of ongoing supplemental payments for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns.”
The IRS will be assessing tax information to determine who gets the plus-up payments. Those who have filed their 2020 tax return may qualify for a larger stimulus payment because their income dropped significantly in 2020.
“These payments could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations,” according to the IRS website.
Photo: Getty Images