Back in November 2022, the Internal Revenue Service announced that quite a few individuals would be receiving a stimulus check payment in 2023. The official portal of the Federal Revenue Service provided the information which confirmed the availability of the previously mentioned benefits in 2023. All the taxpayers, it is assumed, would have the opportunity to receive the payments as a refund for their own tax payments.
The eligibility for the checks is also going to be determined based on a few criteria that were aimed at providing financial support to those individuals who were in need. While the government had previously planned on discontinuing the issuing of payments, concerns over the inflation that is approaching, as well as a potential recession which has led to renewed distribution.
Stimulus Check Payments Could Be Issued To Seniors
The stimulus check payment structure has been categorized into three different groups- married couples, single filers, and families that have children. The eligibility for the economic impact payments goes down as the income rises, which further aligns with the objective of assisting the lower, or the middle class socioeconomic groups. The threshold amount needed to qualify for the payments in 2023 has been varying from state to state, which depends on the budget of the state.
In order to qualify for the stimulus check payment, it is pretty essential to assess whether the amount received by an individual or was utilized by the state system during the previous fiscal year. The income cap set for single individuals has been fixed at $75,000, or $112,000 for married couples. Once one fills the eligibility requirement, the stimulus payment is delivered within 7 or 8 weeks.