There’s so much to know about the stimulus check payments that it can get a little overwhelming! But, fret not – we’ll walk you through the most important things you’ve got to know. Read on.
1. You could receive plus-up payments
If the IRS underestimated the size of your stimulus payment, you could receive a plus-up payment. For instance, if your income was lower in 2020 in comparison to what it was in 2019 or if you added a new dependent on your tax return, you may be eligible to receive more money.
2. Hold-ups are likely to happen
Things like calculation errors and problems with stimulus check delivery could keep you from receiving your payment. For example, if you moved homes, you’ll need to ensure that the IRS has your current address (and not just the USPS).
3. Some people will not qualify for a stimulus check
The strict income limit that Congress has set for the third stimulus check means some people may be disqualified from receiving a check or may end up receiving much less than what they may have expected. Changes in your personal life and factors like a pay hike could affect how much you receive this time.
4. Eligibility guidelines have expanded for the third stimulus check
While the income cap will disqualify millions of Americans, the third check also extends eligibility to dependents of any age. This means older adult relatives, college students, and dependents of all ages with disabilities are included, and not only those under the age of 17 years.
5. You can claim missing stimulus money
While the IRS has started issuing payments, they have until December 31, 2021, to automatically send you the payment. This leeway will give the IRS time to fix any direct deposit errors, calculation problems, etc. Any discrepancy in taxes could also be claimed during this time period.