Stimulus checks have been a hot topic since the pandemic hit the world. The government has been providing financial assistance to the citizens in the form of stimulus checks to help them tide through the economic crisis. The first stimulus check was sent out in 2020, followed by the second stimulus check in 2021. Now, everyone is waiting for the third stimulus check, which is expected to be bigger and better than the previous one.
The American Rescue Plan Act (ARPA) was signed into law by President Biden on March 11, 2021. The ARPA is a $1.9 trillion relief package that includes several measures aimed at providing financial assistance to the people affected by the pandemic. One of the key provisions of the ARPA is the third round of stimulus checks.
The IRS tax guidelines play a crucial role in determining who gets the third stimulus check and how much they get. The guidelines are based on the individual’s income, marital status, and dependents. According to the IRS, individuals earning less than $75,000 and married couples earning less than $150,000 are eligible for the full stimulus amount. The stimulus amount decreases as the income increases, and individuals earning more than $80,000 and married couples earning more than $160,000 are not eligible for the stimulus.
The IRS tax guidelines also take into account the number of dependents. For each dependent, the stimulus amount increases by $1,400. However, the dependents must be under the age of 17 to be eligible for the stimulus.
The third stimulus check is expected to be the last stimulus check, as the government hopes that the economy will recover by 2023. However, the exact amount and eligibility criteria for the stimulus check 2023 are yet to be announced. It is expected that the eligibility criteria will be similar to the third stimulus check, and the amount may be adjusted based on the economic conditions at that time.
If you are waiting for your stimulus check and want to check the status of your payment, you can use the IRS’ “Get My Payment” tool. The tool allows you to check the status of your payment, update your bank account information, and confirm your payment method.
To use the tool, you will need to provide your social security number, date of birth, and address. Once you submit the information, the tool will show you the status of your payment, whether it has been processed, scheduled, or sent.
President Biden’s stimulus check plan is aimed at providing financial assistance to the people affected by the pandemic. The plan includes several measures, such as the third round of stimulus checks, extended unemployment benefits, and increased child tax credit. The plan is expected to help millions of Americans who are struggling to make ends meet due to the pandemic.
The impact of the stimulus check plan is expected to be significant, as it will help boost the economy and create jobs. The stimulus checks will provide immediate financial relief to the people, which will help them pay bills, buy essentials, and support local businesses.
The third stimulus check is currently being processed, and many people have already received their payment. The IRS has been sending out the payments in batches, and the process is expected to continue until all eligible individuals receive their payment.
If you are eligible for the third stimulus check and have not received your payment yet, there is no need to worry. The IRS is processing the payments, and you will receive your payment soon. You can use the “Get My Payment” tool to check the status of your payment.
Here are some common questions about stimulus checks:
There has been talk of a fourth stimulus check, but nothing has been confirmed yet. However, if there is another stimulus check, the eligibility criteria are expected to be similar to the third stimulus check. The exact amount and eligibility criteria will be announced by the government if and when a fourth stimulus check is approved.
Stimulus checks have been a lifeline for many Americans during the pandemic. The third stimulus check is currently being processed, and the government is expected to provide more financial assistance to the people in the future. If you are waiting for your stimulus check, you can use the IRS’ “Get My Payment” tool to check the status of your payment. Keep an eye out for updates on the fourth stimulus check, as it may provide more financial relief to those in need.