24.7 C
New York
Friday, May 14, 2021
HomeSome stimulus checks include 'plus-up' payments of extra cash for people who...
Array

Some stimulus checks include ‘plus-up’ payments of extra cash for people who lost their jobs during Covid

[ad_1]

“PLUS-UP” payments are being sent out as part of stimulus checks to help those hit hard last year.

The Internal Revenue Service announced that it’s third instalment of covid-relief payments will include the booster, targeted at those who lost their jobs during the pandemic.

The "plus-up" payments are targeted at those who lost their jobs last year through the pandemic

2

The “plus-up” payments are targeted at those who lost their jobs last year through the pandemicCredit: Getty

They will now be sent out on a weekly basis to those who may be eligible for larger Economic Impact Payments based on their tax returns from 2020 and 2019, which the IRS are currently still processing.

The “plus-up” will apply to people whose initial stimulus checks received in March were based upon 2019 tax returns rather than the recently filed 2020 tax returns.

But the IRS have made clear that eligibility for the stimulus program is much more streamlined this time around.

The income cutoff is much lower than the first two checks, as after last month’s Economic Impact Payments began, which reduces payments to these earning $75,000 or above the Adjusted Gross Income.

If an individuals income is $80,000 or higher, they will not qualify for the payment.

Married couples filing joint returns will see reductions if they earn over $150,000 between them, and no payment will be administered to pairs with AGI’s over $160,000.

More than two million direct deposit payments, worth over $5 billion, have already been issued in the recent batch of relief, according to the IRS.

An additional two million, also worth over $5 billion, paper checks are now being issued.

The processing of the payments began on March 26 with an expected receival date of March 31.

The booster payments will now see a weekly rollout for those eligible

2

The booster payments will now see a weekly rollout for those eligibleCredit: Getty

 



[ad_2]

Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments

%d bloggers like this: