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Saturday, August 13, 2022

Stimulus Check News: Deadline For The $1,400 Checks, Check Who’s Eligible

The latest round of IRS stimulus checks will come to an end on December 31, 2021, the last day of the year. 

The stimulus checks will be sent out to those who are eligible every week until the deadline set by Congress.

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Adults whose income went down during the pandemic are eligible and some dependents are as well. 

Plus-up payments are extra stimulus checks sent out to those who received a stimulus check based on their 2019 tax return or information received from the Social Security Administration. Some tax-payers whose income was lower in 2020 than in 2019 are also eligible.

Stimulus Check Claim: Brief Information

For example, a married couple bearing one child had an AGI of $165,000 in 2019, and because their income was more than $160,000, they are not eligible for any portion of the third payment. However, they had another child in 2020 and the AGI had dropped from $165,000 down to $155,000.

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They would then fall within the $150,000 to $160,000 threshold with an additional dependent and would be eligible for $2,800 in stimulus money.

The same goes for anyone who claimed an elderly or disabled dependent on their taxes in 2020.

You can claim your payment by filing a federal tax return.

The payments are sent separately from your 2020 tax refunds and are typically issued within two weeks of the time your tax return was processed, according to Macra.

The total number of payments sent to Americans is about 165 million, or $388 billion.

About 500,000 of those payments were made via direct deposit, while the rest were via stimulus checks.

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