IRS Continues Processing Tax Returns from 2020 and 2019
It's quite a surprise when you can look at your bank account and see a little extra stimulus cash.
According to the USA Today, the Internal Revenue Service said that its third batch of payments includes what it calls the first of many plus up stimulus payments.
USA Today said the plus up payments will continue on a weekly basis going forward, as the IRS continues processing tax returns from 2020 and 2019.
Under some circumstances, a person could be eligible for a new or bigger Economic Impact Payment based on their recently processed tax returns. (USA Today)
According to USA Today, perhaps a couple's income fell significantly after a spouse lost a job during the pandemic last year, and they ended up making far less money than they reported on their 2019 income tax return.
I'm sure there are many reasons these days why so many people need extra cash to get by during this difficult time. When you think about how many people have lost their jobs over the past year, extra stimulus money is greatly appreciated.
USA Today also tells us that a drastic reduction in income in 2020 could make or break whether some people qualify for a full or partial stimulus payment in the third program.
USA Today said that the IRS noted that some people won't be eligible for the third payment even if they received a stimulus payment last year or stimulus payment in early 2021, based on the higher income limits associated with the first two programs.