That means if you made less money in 2020 than in 2019 and recently filed your tax return, you should check your bank balance. The IRS has now distributed about $18.5 billion through more than 9 million of these supplemental stimulus payments, the agency said Wednesday. The payments are going to people whose March stimulus checks were based on outdated tax return information that has since been updated. For instance, you might qualify for a bigger check if you earned less money or had a baby in 2020. (But don’t worry, it doesn’t go both ways. The IRS isn’t going to penalize you if your latest tax return would qualify you for less money than you received.) Perhaps the best-known feature of the American Rescue Plan pandemic relief bill, the March stimulus checks paid $1,400 to those with adjusted gross incomes of $75,000 or less. (For heads of household, the threshold was $112,500, and for married couples filing their taxes jointly, $150,000.) Anyone making over $80,000 (over $120,000 for heads of household and $160,000 for couples) wasn’t eligible to receive any money, while income in between qualified for a reduced payment. Have a question, comment, or story to share? You can reach Helen at hreis@thebalance.com.
