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Saturday, February 4, 2023

Stimulus Check: New Payments Announced!

If you didn’t get a check yet, the IRS may still send it to you soon. The IRS could issue more stimulus checks in January 2023. The first round of checks was for $1,200 for individuals with an adjusted gross income of less than $75,000. The second round of checks was for up to $600, plus $600 per dependent child. Stimulus payments are also available as tax credits. This year, the deadline to claim your stimulus payment as part of your taxes has been extended to May 17, 2023.

The IRS is still working on the process of issuing stimulus payments to millions of taxpayers. Their goal is to complete all the checks in January 2023, but it remains unclear whether they’ll be able to do so by then. According to an official statement from the IRS Office of Public Relations:

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“The good news is that we’re making progress! We have a huge number of people who need their refunds and are still owed money from last year’s stimulus payments—but please bear with us as we try to get through them all.”

Stimulus Check Unlikely Despite Strong Push

While this isn’t exactly encouraging news for those expecting their checks next month (or earlier), at least there’s no reason yet for panic or worry. The IRS has indicated they intend on getting every single person their refund within the next year (either by check or direct deposit). And if you’re one of those people whose refund wasn’t issued until May 2022 because your application was lost somewhere along its journey through processing channels? Your hard-earned money should arrive soon enough—the agency says it will make sure “no one gets left behind.”

The first round of checks was for $1,200 for individuals with an adjusted gross income of less than $75,000. The amount is higher if your AGI is between $75,000 and $100,000: that’s a check for $600. The second round of payments will be issued on May 21 to all eligible households who filed their tax returns by April 15 and had no outstanding debt or other claim on their refunds.

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The IRS says about two-thirds of Americans are expected to get a refund this year, ranging from about $2,200 for those earning less than $25,000 up to about $738 for those earning over $500,000; however, the average refund is expected to be just over $3,100 (down from last year’s average).

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