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Sunday, October 1, 2023

Stimulus Check Update: Deadline For Missing Payments Arriving Soon

The stimulus check payments, which were signed by President Joe Biden in 2021, form a part of the American Rescue Act. The stimulus payments have provided adults with a sum of $1,400. The IRS also stated that while it had issued close to 175 million checks with a worth of $400 billion, some of them have missed out on it. It has been mentioned that while most had already received their stimulus payments, some could still be in need of it. But they would have to work fast- as the deadline was approaching

Stimulus Check Payments Arriving Soon

It must also be kept in mind that most of the single filers would be eligible to get the stimulus check sum of $1,400 only if they have an annual income below $75,000, or $150,000 for couples. Beyond those thresholds, the payments would start to reduce and full phase out at an annual income of $80,000 and $160,000.

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According to a survey conducted by the National Center for Children in Poverty, it was discovered that close to 32% of the children with married parents were currently in abject poverty. This does imply that around a million individuals would be qualifying for that alone. 

One could receive a stimulus check payment automatically- as it is after all the prerogative of the IRS. As of now, thousands will be receiving their stimulus payments, which is strictly due to a few states utilizing funds from the Rescue Act in order to launch their own program. One of the states involved in this has been California, which recently informed The Sun that it would be sending around 70,000 stimulus payments in the middle of the month. 

The state of New Jersey would also be sending stimulus check payments which have a worth of $4,000 to those groups that had previously missed out on federal stimulus payments.

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