Stimulus Check has been no less than a lifesaver for the people of America. Americans may not see another stimulus check until April of 2022, according to new information from the IRS. The next round of payments will likely be made in April 2022, with the aim to help people during tax-filing season.
The next round of payments will be the same amount as the previous three rounds: $1,200 for individuals, $2,400 for married couples filing jointly, and $500 for each eligible child.
For families who fall between the first two income thresholds — up to $112,500 for a married couple filing jointly and up to $75,000 for individuals — the payment would be reduced by 5 cents for every additional dollar of income.
For people who earn more than the second threshold — above $150,000 for a married couple filing jointly and above $112,500 for individuals — there would be no payment. According to the IRS, Americans will likely have to wait another year before they see their next federal stimulus check land in their bank account.
The agency announced on Tuesday that it plans to disburse $3200 payments in 2022 for those who received a stimulus check in 2021, which amounted to roughly 70 million Americans.
The purpose of these checks is twofold: First, they serve as a means of raising awareness about how much money people can save by filing taxes electronically rather than with paper documents; second, they’re meant as an incentive for taxpayers who haven’t made use of electronic filing yet.
Stimulus Check Worth $3200 Coming
Payscale reported that roughly 50% of taxpayers still file their returns using paper forms—a practice which costs both taxpayers and the government billions per year because it takes longer and leads more mistakes than electronic submissions do. The next round of payments will likely be made in April 2022, with the aim to help people during tax-filing season.
“The purpose is to provide some support during the peak period of tax filing, which occurs in February and March,” said Jim Cunha, a certified public accountant in Bay City, Texas. “So we know that it’s going to be sometime around early April.”
Congress created this program as part of its stimulus act at the height of the 2008 financial crisis. The idea was to give people money for their homes or vehicles so they could buy stuff like food and fuel — items that cost more when demand goes up from everyone trying to buy them at once.