Run to the Bank: ‘Plus-Up’ Stimulus Checks Sent Out to 8 Million Americans

Run to the Bank: ‘Plus-Up’ Stimulus Checks Sent Out to 8 Million Americans

Take note: there are two other highly anticipated checks primed to help alleviate the financial struggles of many Americans amid the ongoing pandemic.

Most Americans who are eligible for the third round of coronavirus stimulus checks under President Joe Biden’s American Rescue Plan already have received their payments.  

But know that the rollout of other government-issued funds isn’t nearly done. In fact, the Internal Revenue Service recently announced that the latest eleventh batch of payments included more than one million so-called “plus-up” or supplemental checks.  

And to date, the agency has confirmed that more than eight million such payments have been disbursed.  

As for when eligible Americans can expect to see these funds in their bank accounts, keep in mind that roughly half are being delivered via the post office as paper checks or prepaid debit cards. If this is the case, know that they could currently be in transit. The agency has also put out a notice that these payments will likely head out on a weekly basis.  

These top-off funds, according to the IRS, are for U.S. taxpayers “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.”

For example, these checks “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,” it continued.

Not to be outdone, there are two other highly anticipated checks primed to help alleviate the financial struggles of many Americans amid the ongoing pandemic.

The IRS recently said that nearly three million refunds from 2020 unemployment benefits have been disbursed to date. For most people still without the refunds, the agency has already confirmed that it will automatically adjust tax returns if individuals qualify for a refund.

“Because the (approval of the refund) occurred after some people filed their taxes, the IRS will take steps in the spring and summer to make the appropriate change to their return, which may result in a refund,” the IRS stated

It also noted that “taxpayers will receive letters from the IRS, generally within thirty days of the adjustment, informing them of what kind of adjustment was made (such as refund, payment of IRS debt payment or payment offset for other authorized debts) and the amount of the adjustment.” 

Moreover, beginning July 15, monthly “stimulus” payments will come in the form of expanded child tax credits. Thanks to Biden’s stimulus bill, this new cash windfall will give eligible parents $3,600 annually for a child under the age of six and up to $3,000 for children between ages six and seventeen—amounting to a $250 or $300 payment each month through the end of the year.  

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.  

Image: Reuters