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Monday, October 3, 2022

Stimulus Check: Latest Updates On The 3rd And 4th Checks

One of the most popular questions making the rounds of the Internet is- Is there a fourth Stimulus Check? As far as reports go, the current administration will not be pushing for a fourth payment since the economy has shown several signs of improvement.

Nonetheless, there have been certain members of Congress along with a large section of the public who believe that additional relief during this pandemic will definitely solve issues. With that out of the way, it needs to be mentioned that close to 2.3 million people went on to sign a petition which called for $2000 per month to every eligible American. 

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Senator Bernie Sanders also came forward in his support for additional stimulus payments- which came about in a recent tweet after the University of Michigan put forward a study that analyzed the stimulus check payments. The study reinforced the notion that stimulus payments resulted in reducing the rate of financial instability as well as food insecurity. 

Where did most of the Stimulus Check money go?

As the third stimulus check payments went underway, close to 52% of that payment went to different households who had an annual income which was less than $50,000 per year. This information was provided by the US Treasury as well as the IRS.

Around 85% of the same payment went to those households that had an annual income that was less than $100,000. This also included those individuals who hadn’t filed their tax returns for either of the last couple of years. 

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Single filers who have an annual income less than $75,000, as well as couples with an annual income less than $150,000, have been deemed eligible for receiving the maximum stimulus check money at $1,400 per person. The IRS ended up distributing close to $390 billion worth of stimulus money to eligible individuals through the 3rd of June. Unsurprisingly, the IRS is still doling out payments to those who have recently fixed their tax returns. 

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