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Friday, August 12, 2022

Stimulus Check Funding Coming For A Fourth Time?

Stimulus Checks are the talk of the town in the US. They have provided much-needed stability to struggling families. In dire times, these checks have been the go-to resource for most Americans. This decision was welcomed broadly with open arms. However, after three rounds of checks, people still feel the need for further assistance. Will there be such funding to come in the future? 

Stimulus Check Added On Benefits: How To Get It

The onset of the pandemic saw the world come to a standstill. People lost their jobs and economies crashed. The government of Joe Biden came up with the American Rescue Plan. This provided incentives to the people to cope up with the adversities. 

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IRS has already sent out the third round of stimulus payments. Over $2million has already been given out. The people are mostly using these checks to pay off their debts. The third round of the payments is given out to a selected number of people.

A total sum of $1400 was entitled to each qualified citizen. However, there were certain instances when people did not receive their full amount. This happened because some citizens did not fulfill the criteria. The amount of tax submitted for 2019 was not enough to earn them the full stimulus amount. However, once they have filed their 2020 returns, the difference amount can be claimed. 

The criteria for receiving the full amount of $1400 has been given by the IRS. Individuals earning below $75000/year we’re eligible. In the case of joint submission, the earnings must be within $150,000. 

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Even after heavy petitions, no news of any further assistance has been confirmed. However, States like California have announced an extra set of Stimulus Check for their people. These checks will act as the fourth stimulus check. 

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