In the past two weeks, the IRS has sent hundreds of thousands of stimulus checks — totaling 1.8 million dollars — to Americans based on the information they provided when they filed their tax returns. The checks had official payment dates of May 26, and roughly half of them stem from tax returns the recipients recently filed.
The payments fall into two categories.
- People who previously didn’t have up-to-date personal or financial information on file with the IRS. If the tax agency didn’t know where or how to send you a stimulus check, the payment would have been delayed. But a completed tax return has now filled in the gaps and allowed the IRS to provide your long-awaited relief.
- People who qualify for “plus-up” payments. These payments are bonus money going to people who got shrunken stimulus checks based on their 2019 taxes, but whose recently filed 2020 returns show their income dropped significantly last year amid the COVID-19 pandemic. If that describes your situation, you may now qualify for additional stimulus money and will receive a plus-up.
If you would like to maximize your tax returns or stimulus checks by investing them, you can always reach out to our advisors for a plan catered to you. Book a complimentary consultation here.
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