What Is A Plus
A plus-up supplemental payment is a new or larger payment you may be eligible to get if you recently submitted your 2020 tax return and your income or number of dependents changed.
For example, if you received a partial third stimulus payment based on your 2019 income, but your income declined in 2020, you may receive another payment to make up the difference between the two amounts. Your original third stimulus payment and your plus-up payment together will equal the amount youre eligible to receive based on your 2020 tax return.
On April 1, the IRS announced that new payment batches include supplemental payments for these people. As of late June 9, more than 8 million plus-up payments have been issued.
What If I Am Eligible For The Stimulus Checks But I Didnt File A 2019 Or 2020 Tax Return And Didnt Use The Irs Non
You can file a tax return even if you dont have a filing requirement to get other tax credits, such as the Earned Income Tax Credit.
If you didnt get your first or second stimulus check or didnt get the full amount that you are eligible for, file a 2020 federal tax return and claim them as part of your tax refund or use GetCTC.org if you dont have a filing requirement. The deadline to use GetCTC.org is November 15, 2022.
When To Expect Your Third Stimulus Check
The US treasury and the IRS already started making the transactions starting on March 12. However, even if you can see the money as pending in your account, that money will not be accessible until March 17 which is the official release date.
With that in mind, the IRS set a deadline for later in the year to finish sending all the checks which means that there is still the possibility that the money will arrive much later into your account. Considering the number of people living in the United States, this is understandable.
You May Like: How Much Was The First And Second Stimulus Check
Which Tax Year Is Used To Determine Eligibility
The IRS will use the most recent tax return on file . Its issuing plus-up payments for individuals who now qualify for more money based on their 2020 tax return.
For example, if your income in 2019 was too high to receive a stimulus payment up front, but your 2020 income decreased to a level that would make you eligible to receive a full or partial payment, submit your tax return ASAP to be eligible for a plus-up payment. The IRS says it will continue to process plus-up payments on a weekly basis going forward as it receives 2020 tax returns . Tax Day has been pushed back from April 15 to May 17, 2021 so you have more time to file
On the other hand, if you think your adjusted gross income increased in 2020 beyond the point of eligibility for this stimulus payment but you would benefit from the financial relief, you may want to hold off on filing until after the payments are distributed You wont have to pay your stimulus check back to the government if you ended up making too much money in 2020 or 2021.
If you receive Social Security but didnt file a return in 2019 or 2020 because you earn too little to be required to file, youll also receive a stimulus check. The amount will be based on the information sent to the IRS on forms SSA-1099 and RRB-1099.
Update On A Fourth Stimulus Check
Millions have been clamoring for recurring stimulus payments, and some lawmakers have expressed support for more relief aid through the pandemic. But President Joe Biden hasn’t pledged support to a fourth check, focusing instead on his proposed family and jobs packages and the recent infrastructure deal.
In a press conference on June 3, White House press secretary Jen Psaki played down the possibility of a fourth check, asserting that the administration has already put forward an economic recovery plan. Through the debate in Washington over additional economic impact payments continues, it’s looking increasingly unlikely that there will be any more direct payments this year.
Don’t Miss: I Didn T Get My Second Stimulus Check
How Are Americans Using Stimulus Checks
The Federal Reserve Bank of New York says that households are spending a smaller percentage of their stimulus checks and saving more. The that households set aside just under 25% of their third-round payments for consumption. This share fell from just over 29% of first-round payments reported in June 2020 and almost 26% of second-round payments reported in January 2021.
The table below is based on all three SCE surveys and breaks down the average percentage of stimulus payments spent, saved and used to pay off debt:
|New York Fed SCE Breakdown of Stimulus Check Spending|
The New York Fed also says that households expect to spend an average 13% of the third stimulus check on essential items and an average 8% on non-essential items.
For a comparison, preliminary data collected by the U.S. Census Bureau from shows that the majority of stimulus recipients are almost three times more likely to use checks to pay down debt than add to their savings.
An earlier showed that the majority of recipients who got the first stimulus check spent their payment on household expenses. Adults with incomes between $75,000 and $99,999 told the Census that they would most likely pay off debt or add to their savings. While adults making less than $25,000 said they would use their stimulus to pay for expenses.
For those households that spent their first stimulus checks, the study says:
Can A Debt Collector Take My Stimulus Check
Child support, taxes, and other debts to the federal government are exempt from garnishment, but a private debt collector can try to take your stimulus payment. While previous rounds of aid prohibited debt collectors from garnishing stimulus payments, that protection was not included in this third round.
Congress may consider new, separate legislation to shield this round of payments from debt collectors.
Don’t Miss: Never Received My Third Stimulus Check
Reaching Those That Need It The Most
Most people receive the payments automatically, but there are many who missed out — for a variety of reasons. An estimated 8 million eligible people didn’t get the first round of payments that were delivered last year.
Many of these people have very low incomes and are not normally required to file tax returns. Last year, the IRS set up an online portal where they could register for the money.
At this time, the IRS does not have plans to reopen the portal. Instead, officials are encouraging people to file 2020 tax returns. Low-income people can use the agency’s free file option.
The-CNN-Wire & 2021 Cable News Network, Inc., a Time Warner Company. All rights reserved.
Taxation Of Third Stimulus Checks
Question: Will my third stimulus check be taxed later?
Answer: No. As with the first two rounds of payments, your third stimulus check is actually just an advanced payment of the Recovery Rebate tax credit for the 2021 tax year. As such, it won’t be included in your taxable income.
You also won’t be required to repay any stimulus check payment when filing your 2021 tax return even if your third stimulus check is greater than your 2021 credit. If your third stimulus check is less than your 2021 credit, you’ll get the difference when you file your 2021 return next year. So, it’s a win-win situation for you!
You May Like: When Are We Getting The Next Stimulus Check
Can I Deposit My Check Through The Mail
Yes, you can mail your EIP check to us and well deposit it to your account. Please mail your check to: Lake Trust Credit Union, 4605 South Old US Highway 23, Brighton MI 48114.
Please endorse the check before mailing, provide your account number, and identify which account you want funds to be deposited into .
Are Adult Dependents Getting Third Stimulus Checks
The new stimulus plan expands eligibility to adult dependents, including college students, elderly relatives and disabled adults.
The text of the plan redefines the term dependent according to section 152 of the tax code, which includes both qualifying children and adults: Section 152 provides that the term dependent means a qualifying child ) or a qualifying relative ).
While the plan pays out $1,400 for each qualifying dependent, families should keep in mind that the targeted lower income ranges exclude them if they earn over $160,000.
For reference, the second stimulus checks provided additional $600 payments for qualifying dependents under the age of 17. So a couple filing jointly with three eligible children could get a maximum second payment of $3,000 .
Under the first and second rounds of stimulus checks, children and adult dependents over the age limit could not get an additional payment, and they did not qualify for a stimulus check of their own either.
With the new stimulus plan, however, both joint filers and heads of household get an additional $1,400 payment for each dependent, regardless of age. The table below breaks down the third stimulus checks for heads of household with one dependent:
|Stimulus Checks for Heads of Household & 1 Dependent|
|$120,000 and up||$0|
Recommended Reading: $1 400 Stimulus Check When Is It Coming
How To Track Your Third Stimulus Check
In the past, the first people to receive their EIPs were those who had direct deposit information on file with the IRS. Otherwise, the government had to resort to snail-mailing paper checks and debit cards a lengthier process subject to delays.
This will be true for the third payment, too. Make sure the IRS knows your direct deposit information and current adjusted gross income.
From there, you can use the IRS’s Get My Payment tool to find out where your payment is.
Enter your Social Security Number, date of birth, street address and zip code. The tool should then show the status of your first, second and third payments, including when they were scheduled to be deposited and which bank account they went to.
In January, Get My Payment temporarily went offline for maintenance as the IRS loaded in data about the second stimulus payment. This will likely happen again with the third payment, so don’t panic.
Another tip: Be patient. The tool refreshes once a day, typically overnight. It can be tempting to reload it over and over, but if you check more than five times a day, you’ll get locked out.
Your best bet is to wait and see what happens. Failing that, you can call the IRS at 1-800-919-9835. And as a last resort, you can always rectify stimulus problems by claiming the Recovery Rebate Credit on your future taxes.
Where Can I Find My Routing Number And Account Number For Direct Deposit
The routing number for Lake Trust Credit Union is 272078268. You can find your account number several ways:
- Find it on your monthly statement.
- Log into Online Banking or Mobile Banking, click on the account you want the deposit to go into, then click on Account Details or Details to show your account number.
- If you have printed checks, you can find your checking account number at the bottom of the check immediately after the routing number.
Don’t Miss: Stimulus Check 2022: When Is It Coming
Who Would Be Eligible For The Third Stimulus Check
Families earning less than $150,000 a year and individuals earning less than $75,000 a year should get the full $1,400 per person. Families earning up to $160,000 per year and individuals earning up to $80,000 per year will receive prorated stimulus checks for less than $1,400 max.
Unlike the previous two rounds, you will receive stimulus payments for all your dependents, including adult dependents and college students.
How Are Social Security Payment Dates Determined
The Social Security Administration typically sends out payments on the second, third and fourth Wednesdays of each month. Which day you receive your check depends on your birthdate.
- If your birthday falls between the 1st and 10th of the month, your payment will be sent out on the second Wednesday of the month.
- If your birthday falls between the 11th and 20th of the month, your payment will be sent out on the third Wednesday of the month.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent out on the fourth Wednesday of the month.
Payments for SSI recipients generally arrive on the first of each month.
Recommended Reading: Is There Another Stimulus Check Coming In 2021
How Do I Get My Third Stimulus Check
You dont need to do anything if:
- You have filed a tax return for tax year 2019 or 2020.
- You are a Social Security recipient, including Social Security Disability Insurance , railroad retiree. Or you are a Supplemental Security Insurance and Veterans Affairs beneficiary.
- You successfully signed up for the first stimulus check online using the IRS Non-Filers tool or submitted a simplified tax return that has been processed by the IRS.
If you are missing your third stimulus check, file your 2020 tax return or use GetCTC.org if you dont have a filing requirement. By submitting your information to the IRS, you will be signed up and automatically sent the third stimulus check.
Who May Be Eligible For More Money
Taxpayers who earned less money in 2021 than the previous year may be eligible for more money than they initially received from the third round of stimulus payments.
Those include single filers who had incomes above $80,000 in 2020 but less than this amount in 2021 married couples who filed a joint return and had incomes above $160,000 in 2020 but less than this amount in 2021 and head of household filers who had incomes above $120,000 in 2020 but less than this amount in 2021, according to the IRS.
Individuals and families who added a child in 2021 through birth, adoption or foster care could be eligible for additional money. Families that added another kind of dependent, such as an aging parent or grandchild, may also be eligible.
You May Like: How To Get Unclaimed Stimulus Checks
Alert: Highest Cash Back Card We’ve Seen Now Has 0% Intro Apr Until 2024
If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our expert even uses it personally. for free and apply in just 2 minutes.
When You Could Receive The Third Stimulus Check
There are no firm dates, but President Biden recently announced that the first checks could arrive in March. And the IRS has said it’s going to try to get this round of stimulus payments out quickly.
“We are keeping our eyes closely on the hill,” Ken Corbin, chief taxpayer experience officer at the IRS, told CBS News.
That may not offer a specific time range, but we still have a good idea of how long it could take.
With the earlier bills, the IRS sent the first stimulus payments as soon as a couple of weeks after the bills were signed. It’s likely we will see a similar timeline or an even shorter one if and when this bill becomes law.
That said, there could be holdups that slow down the process this time around. The IRS will likely issue these checks during tax-filing season, unlike the last two stimulus payments. The agency’s handling both things at once could slow the rollout.
Payments also don’t go out all at once. With the first two stimulus payments, the money rolled out first to recipients who had their bank account information on file with the IRS. Those who did not have current bank info on file had to wait much longer for their payments.
Read Also: Stimulus Check On Tax Returns
Tracking Your Third Stimulus Check
The IRS fired up the popular “Get My Payment” tool again so that you can track the status of your third stimulus check. The online tool lets you:
- Check the status of your stimulus payment
- Confirm your payment type and
- Get a projected direct deposit or paper check delivery date .
For more information about the tool, see Where’s My Stimulus Check? Use the IRS’s “Get My Payment” Tool to Get an Answer.
Some Californians Got An Extra $300 Thanks To Stimulus Program
Officials in Santa Ana, California, hand-delivered $300 Visa debit cards earlier this month as part of the citys stimulus program. Those payments went to the citys poorest residents. The city spent $6 million on the cards.
Those low-income families are the ones who were most hard hit, Santa Ana Mayor Vincente Sarmiento told the Orange County Register. This is pretty incredible, and we are blessed, because not many communities that have the need that we have, are able to do this for the residents. I dont think Ive ever seen this in my 14 years on the council, that we can directly impact households and peoples lives this way.
Santa Ana put no restrictions on how the recipients spent the money. But Sarmiento hopes theyll use the money at local businesses.
It will be like a double injection of stimulus to households, but also those businesses that are going to see those cards being redeemed, he said.
Read Also: When Should I Get My Stimulus Check