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Sunday, September 25, 2022

Stimulus Check Update- Did You Receive A $500 Payment?

It could be a matter of surprise for you to see a stimulus check payment in your account- but there are legitimate reasons for that. As it stands, this is not the second stimulus payment– as Congress hasn’t approved it yet. Interestingly, this is a part of the first stimulus payment and it also pertains to dependent payments.

The first stimulus payment, which has also been referred to as the Economic Impact Payment, was a part of the Cares Act, which saw a stimulus package of $2.2 trillion being passed in March by Congress. The IRS routinely sent payments this week for most of the dependent payments for a sum of $500 which also served as a part of the first stimulus payments which had not been paid previously to the citizens.

Stimulus Check Payment- Did You Receive Any?

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Under the Cares Act, if you currently have a qualified dependent who is under the age of 17- you could definitely receive a stimulus payment of around $500 for every dependent- as long as one qualified for the first stimulus payment. In order to qualify for a payment of around $1,200 for individuals as well as a sum of $2,400 for married filers, one would need an adjusted gross income for 2018 or 2019 which should not be more than $75,000 for individuals and $150,000 for married filers. 

Nevertheless, if you did receive the stimulus check payment, it would definitely come as a major surprise. In fact, you may never have been obligated to file a tax return and then use the Non-filer tool on the IRS website in order to provide information on your dependent children who were younger than 17. 

If you think you don’t qualify for the stimulus check payment, there is always a way to check that. You could definitely use the Get My Payment tool on the IRS website, which would tell one the status of their dependent payments.

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