Get the latest on stimulus checks: who’s getting them and when!
The latest on stimulus checks is that the House of Representatives has approved a new round of $1,200 payments to Americans. The Senate is expected to vote on the measure soon.
Who is eligible for the stimulus check? Individuals who earned up to $75,000 in 2022 will receive the full $1,200 payment. Those who earned more will receive a smaller payment, with the amount decreasing incrementally for those who earned over $99,000.
Find out who’s eligible for a stimulus check
What are stimulus checks?
As the COVID-19 pandemic continues, many Americans are wondering about the status of their stimulus checks. The first round of stimulus checks was sent out in March 2020, and a second round was approved in December 2020. However, there has been no update on when these payments will be sent out.
The stimulus check is intended to help Americans who have lost their jobs or had their hours reduced due to the pandemic. The amount of the check is based on your income and family size. For example, a single person who earned less than $75,000 in 2022 would receive a $1,200 check. A family of four that earned less than $150,000 would receive a $2,400 check.
If you are still waiting on your stimulus check, you can track its status online using the IRS Get My Payment tool.
Who is eligible for a stimulus check?
As the novel coronavirus continues to spread throughout the United States, the government is taking steps to provide financial relief to Americans. One of the most anticipated forms of relief is the stimulus check, which is a direct payment from the government to eligible individuals.
So who is eligible for a stimulus check? According to the most recent update from the Internal Revenue Service (IRS), individuals who have a Social Security number and filed taxes in 2021 or 2022 are eligible for a stimulus check. This includes those who filed as single, head of household, or married filing jointly.
For those who are not required to file taxes, they may still be eligible for a stimulus check if they receive benefits from programs like Social Security, Supplemental Security Income (SSI), or Veterans Affairs (VA).
How much money will each person get?
The new stimulus check update will have people wondering how much money they will get. The answer largely depends on your income and family size.
If you’re an individual with an annual income of $75,000 or less, you’ll receive the full $1,200 stimulus payment. If your annual income is above $75,000, your payment will be reduced by $5 for each $100 you earn over the $75,000 threshold. So, if you make $85,000 per year, your stimulus check will be reduced by $50.
For married couples filing jointly, the full $2,400 payment goes to those earning $150,000 or less annually. Again, like with individual taxpayers, for each additional $100 earned over the$150,000 threshold, the payment is reduced by $5.
When will the stimulus checks be sent out?
As the COVID-19 pandemic continues to wreak havoc on the U.S. economy, many Americans are eagerly awaiting their stimulus checks. The first wave of stimulus checks was sent out in March 2020, but when will the next round of payments be sent out?
According to a recent report from the Congressional Budget Office (CBO), another round of stimulus checks could be sent out as early as this month. However, it’s more likely that the payments will be sent out in early 2023.
The CBO report also said that it’s possible that a third round of stimulus payments could be sent out next year. However, it’s unclear at this time how likely that is to happen.
So far, Congress has authorized three rounds of stimulus payments totaling $2 trillion.
How will the stimulus checks be sent out?
The stimulus checks will be sent out through direct deposit, paper check, or EIP card. The direct deposit will be sent to the account that the IRS has on file for the taxpayer. The paper check will be mailed to the address that the IRS has on file for the taxpayer. The EIP card will be mailed to the address that the IRS has on file for the taxpayer.
The first wave of stimulus checks will be released within two weeks of passage of the bill and will continue until mid-April. After that, a second wave of stimulus checks will go out in mid-May. For those who do not receive their payment within four weeks of passage of the bill, they can contact their bank or credit union to confirm receipt.
Stimulus checks: Who’s getting them and how much?
If you don’t receive your stimulus check, don’t panic. The most likely explanation is that the IRS has not processed your return yet. The best thing to do is to wait a few weeks and then check the status of your return online. If you still don’t see any progress, you can call the IRS directly and they will help you figure out what’s going on.
In the meantime, there are a few things you can do to ease your financial stress. First, if you have any outstanding bills, try to work out a payment plan with your creditors. This will help keep your accounts in good standing and avoid late fees or other penalties. You can also cut back on unnecessary expenses like eating out or shopping for new clothes. Every little bit helps!