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Saturday, May 28, 2022

Stimulus Check Update: Tracking Your Payment

Quite a few individuals who have already filed their tax returns have received a lot more in the stimulus check payments. It could be possible that they were owed additional money under the American rescue plan– which has a total amount of $390 billion in its direct payments to almost 164 million households. All this information comes directly from the IRS. 

Who Benefits From These Stimulus Check Payments?

The stimulus payments, it has been accorded, would be working perfectly for those families that have more children and are trying to earn less than $150,000 annually. This comes up as the direct aid amount has been based on the number of eligible individuals in every single household. On a national level, the average household has an eligibility rate of 2.5 people, but in states like Utah- the range goes up to 3.1 per family. 

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Under the American Rescue Plan of Joe Biden, several children have been deemed eligible for the same amount of money that has been accorded to adults- which is $1,400. 

What’s the cut-off income to get a stimulus check?

One of the biggest criteria is that families have to earn less than $75,000 annually- as they have been paid $1,400. Families that have an annual income of $150,000 will be paid $2,800 in the last round of stimulus check payments. The payments get lower until single people have an annual income of $80,000 with married couples coming in with $160,000. This procedure will continue until they end up getting eliminated completely. 

The IRS has also announced that almost half of the stimulus check payments have already been made to those households that earn less than $50,000. This also implies that households that have an annual earning sum of less than $10,000 will be receiving the most payment. This also includes almost 22 million checks from the tax agency.

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