CHARLOTTE – *Stimulus Check Update!!
So, Tax payer, you received your third stimulus check. Congrats! But wait, there could be a round FOUR or a “Plus-Up”! The “Plus Up” will be based off of three main criteria: 1) Drop in 2020 income, 2) You had a new baby in 2020, and 3) you have added a relative as a dependent.
So, Let’s Get To It…
On April 1st, the IRS put out a memo that they would be sending “Plus-Up” relief payments. The “Plus-Up” payments would be considered supplemental payments as part of the Coronavirus relief funds. These payments will not go to every American like the first two stimulus payments, but only certain individuals are entitled to receive the additional stimulus funding.
Here are the 3 ways an individual will qualify for the fourth round of stimulus funding.
- Your income dropped in 2020. This could be the case like most Americans working for a living. If your 2019 income had put you above the required threshold passed out, but your 2020 tax return actually lower income due to the Pandemic then you may receive an extra payment.
- You had a new baby? Like the first stimulus payment, the fourth will also be based on how many dependences you claim on your tax return. The total number will determine the total number of stimulus payments.
- You added a new dependent. Just like #2, the third option is based on the number of “other” dependents that you claim on your taxes. This means if you added any type of dependent in 2020 including an elderly relative would qualify you for the “Plush Up” relief payment. The 2020 taxes must be filed in order to determine if and how much your “Push Up” amount shall be.
The most common way to receive your relief payment is through the Direct Deposit method. Keep a close eye on your bank account because the “Push-Up” relief payment should be hitting your bank soon.
For more information contact Mays Concepts, LLC at (704) 526-0307 or email us at maysconcepts@gmail.com
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