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Wednesday, November 30, 2022

Stimulus Check: Households Under $50K Got Most Of The Payment

It has been estimated that more than half of the total money sent under the third stimulus check has gone to households. Interestingly, these households have an annual income of less than $50,000- as stated by the Treasury Department last Tuesday. Almost 52% of the funds delivered on the 3rd of June have gone to those families that have reported an adjusted gross income below $50,000 on the returns of 2019 or 2020.

Another 10% of the stimulus payment amounts have gone to those households that didn’t file any tax returns in either of the years- a group that is usually associated with low incomes as data from IRS state. 

Households Earning Below $50K Make Up A Large Part Of Stimulus Check Deposits

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85% of the payments for this stimulus check have gone to households that have claimed an adjusted gross income below the sum of $100K, or those households which have nonfiler returns. This has also been stated by the data provided by the Internal Revenue Services.

Bloomberg has put up data based on the IRS where households residing in the Midwest have received the largest amount of payment- whereas households in the Northeast have usually received a smaller scale of payment. The size of the household has also played a major factor in the variation of the stimulus check delivered to the states. 

The third stimulus check payment came into being in the early months of 2021 when it became a part of President Biden’s coronavirus relief law. Interestingly, it turned out to be the main priority when Biden came to office. Single filers who have their income below the sum of $75,000 and married couples with a total income below $150,000 have all been declared eligible for the total amount of $1,400 per individual. 

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