You might be getting MORE stimulus money if you’ve already filed your taxes – here's what to do with the extra cash

AMERICANS who have already filed their tax returns may be in line for some extra stimulus cash.

A third round of payments worth up to $1,400 are being sent out across the country and are due to be processed into bank accounts nationwide.

But, those who have received their third check could be receiving a “plus-up” payment if their economic situation changed over the last year.

These cash booster top-ups are designed to provide "supplemental" support for Americans who are owed on their 2020 tax filing.

You could be eligible if you didn't qualify for the full payment based on your 2019 tax filings, but you do based on last year's returns.

You may receive an extra payment if you got married in 2020 or submitted a joint application with a gross combined income of under $150,000, Yahoo Finance reports.

It also applies to households who may have a new child listed as a dependent for 2020.

If you haven’t filed taxes in previous years but did so last year, you may be entitled to some extra cash.

But, don’t rush to book a foreign getaway with your additional payment as coronavirus lockdown restrictions differ globally and uncertainty remains within the travel sector.

In the meantime, you may want to use the cash to pay off some of your small debts or to invest in cryptocurrency such as Bitcoin.

If you want to test yourself as an entrepreneur, you could even put the money towards launching a business website.

Or, you could put the money aside into a savings account.

The extra money is being seen as a "booster shot" of stimulus cash, as part of President Biden's $1.9 trillion Covid recovery package.

Earlier this month, the IRS advised Americans missing their plus-up payments to file for the cash by submitting their 2020 tax return.

The IRS is currently sending stimulus checks on a weekly basis.

You could track your stimulus check by using the Get My Payment tracker which the IRS updates every day. 

    Source: Read Full Article