More stimulus money? Find out if you’re eligible

Plus, a blockbuster jobs report and the future of Social Security

Apr 07, 2021 | Current events | Government
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Thank you, sir, may I have another

Since the start of the pandemic, 130 million stimulus payments have gone out to the tune of $335 billion. Even if you’ve received three checks, you could have more money on the way. No, we’re not talking about a fourth stimulus plan (though progressive Democrats are urging President Biden to pull the trigger on recurring payments). The IRS is sending out “plus-up” payments to compensate Americans who are owed a bigger third stimulus check than they got.

Individuals who earned less than $75,000 in 2020 should have received the full $1,400 amount. But to determine eligibility, the IRS looked at Americans’ most recent tax returns (a 2019 return for many). That means those who lost a job in 2020 or made less for other reasons may be entitled to more stimulus dollars. Growing families who welcomed a child last year could qualify for another dependent payment, too. So, how will they be paid? Once plus-up eligible Americans file their 2020 taxes, the IRS will automatically send an additional payment. If you made more in 2020 but already deposited and spent a $1,400 check from Uncle Sam, don’t worry. You won’t owe any stimulus money back to the federal government.

ICYMI

  • Now hiring: The US economy added 916,000 jobs in March, with the largest gains coming in the hospitality, education, and construction sectors.
  • Mad sellers’ market: A Washington, D.C. home listed for $275,000 received 88 offers in three days and eventually sold for $460,000 — nearly 70% above the asking price.
  • Panic like it’s 2008: A former hedge-fund manager lost $8 billion in 10 days on risky stock bets, setting off the biggest single-firm meltdown since the financial crisis.
  • Running on empty: A recent study suggests Social Security reserves could run out by 2035, at which point, payroll taxes will only cover 79% of the program’s costs.