By November 17th, the window for cashing stimulus checks will have closed. The IRS has begun mailing reminders to the more than 9 million American citizens who have not submitted their 2021 income tax returns. The Internal Revenue Service is getting in touch with them for more than one reason. This is to let them know that, depending on their tax situation, they may be eligible to receive a stimulus payment of $1,400 to $2,800.
Stimulus Check Deadline Is Here
To help its citizens whose lives have been turned upside down by the Covid Pandemic, the United States Federal Government launched a USD 1.9 T Rescue plan. Those who have yet to file their tax returns for 2021 might do so in order to get the third tranche of the stimulus payment. For those who missed the April 15 deadline to submit their tax forms, the stimulus check payment has been extended. President Joe Biden passed the American Recovery and Reinvestment Act. A wide variety of rebates are included in this scheme.
In the early days of the pandemic, during President Trump’s administration, State Governors began implementing complete clampdowns on residents and companies in an effort to slow the spread of the virus. At that time, the stimulus check was issued directly to American citizens.
The stimulus funds will be available to Americans in 2021 regardless of their income level.
It has been determined what the Income Caps are, and claims will be submitted appropriately.
After deductions, individuals having a gross income of less than USD 75,000 will be eligible for a payment of USD $1,400. The maximum amount that a married couple filing jointly can receive is $2800 if their total income does not exceed $150,000. In order to qualify for the stimulus payments, a person’s earned income may not exceed $112,500 and they must have filed their taxes as a head of household.