BIRMINGHAM, Ala. (WBRC) - The IRS is still in the process of sending out that third round of stimulus payments, but some Americans may be eligible for a fourth check.
The supplemental payments, also known as “Plus Up” money, are part of President Joe Biden’s American Rescue Plan.
It applies to those who received stimulus payments in March based on their 2019 tax return.
But some people may be getting more money after filing their 2020 tax returns.
Tax preparers said the rush is on for people to get their tax returns filed.
Many are hoping they qualify for another round of stimulus payments.
“It’s by your filing status. There’s limits on who’s eligible to receive the money,” said General Manager of Jackson-Hewitt Tax Company, Mary Carson.
She said people who collect Social Security or Railroad Retirement are eligible, as well as those who had a significant drop in their income between the 2019 and 2020 tax filing season.
If you had a baby, or added a dependent, you could also qualify for the “Plus Up” payments.
“The threshold for a single person is $75,000, and once you reach that threshold it starts phasing out like $5 per $100. For people who are head of household that are not married and have children, the threshold is $112,000, and for married filing joint, it’s $150,000,” Carson explained.
The payments amount to $1,400 for a single person or $2,800 for a married couple filing jointly.
There’s also an additional $1,400 for each dependent child.
Financial experts said this could be the last stimulus we see for a while.
“I would encourage them to try to increase their emergency cash reserves, pay down debt, and don’t just frivolously spend this money,” said Partner and Senior Advisor for The Welch Group, Marshall Clay.
“I doubt that too many more of these packages are going to be coming, at least in the short run,” Clay said.
If you received your stimulus payment by direct deposit, you’ll most likely receive your “Plus Up” money the same way.
But if the IRS doesn’t have your account information, you may receive a paper check by mail instead.