Before 2021 comes to an end, the Internal Revenue Service (IRS) continues to send the additional payments that many Americans are entitled to these payments are designed for Americans to catch up with the money from the stimulus checks they had right, but did not receive it at the time for various reasons.
According to the IRS, Plus-Up Payments are currently being sent to those who already received a third Economic Impact Payment based on a 2019 tax return or information received from the SSA, RRB or VA, and who were eligible for a Plus-Up Payment based on their 2020 tax return.
However, like other paperwork, there is a deadline for making these Additional Payments. As such, it is a particularly busy time for the IRS.
The 2021 Plus-Up Payments deadline
There is a legislative deadline for Plus-Up Payments of December 31, 2021. That is just under a week away from now, so if you think you qualify and want your payment processed before this deadline then it is vital that you file your 2020 tax return now.
Payments are normally issued within two weeks from the time your 2020 tax return is processed, which means nobody filing now will receive a Plus-Up Payment before the end of 2021. But, filing now could see your tax return slip in before the deadline.
Does the Plus-Up Payments end after the deadline?
As the IRS has explained, individuals who did not receive a third round of Economic Impact Payments or did not receive the correct amount will be able to claim the money they are due through a scheme known as the Recovery Rebate Credit.
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If they are eligible for this, they can do so on their 2021 tax return. The deadline for filing this and making 2021 tax payments is April 18, 2022. There is talk that this could even be postponed and pushed back a little further, as it was last year.