Stimulus Check: What You Need to Know

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Stimulus Check
Stimulus Check

The coronavirus pandemic has caused financial hardship for millions of Americans, leaving many with little or no income. To help ease the burden, the federal government has approved a series of stimulus checks for those who are eligible. This article will provide an overview of the stimulus check program and explain who is eligible and how to apply.

What Is a Stimulus Check?

A stimulus check is a one-time payment issued by the federal government to eligible Americans to help offset the economic impact of the coronavirus pandemic. The amount of the check is based on a person’s annual income and number of dependents. The checks are sent by the Internal Revenue Service (IRS) and are typically sent via direct deposit or by mail.

Who Is Eligible for a Stimulus Check?

In order to be eligible for a stimulus check, you must have an adjusted gross income of less than $75,000 for individuals or $150,000 for couples filing jointly. Those with higher incomes may be eligible for partial payments. You must also have a valid Social Security number and be a U.S. citizen or resident alien.

How to Apply for a Stimulus Check

To apply for a stimulus check, you must complete and submit a Form 1040 or 1040-SR to the IRS. You can find the form on the IRS website or request a paper copy from the IRS. Once your form is completed, you will need to submit it, along with any necessary documentation, to the IRS.

When Will I Receive My Stimulus Check?

The timeline for receiving your stimulus check depends on how you submitted your application. Those who applied online will generally receive their payment faster than those who submitted a paper application. In most cases, the IRS will send out payments within two weeks of receiving your application.

Conclusion

The stimulus check program is designed to help ease the financial burden of millions of Americans affected by the coronavirus pandemic. To be eligible, individuals must have an adjusted gross income of less than $75,000 for individuals or $150,000 for couples filing jointly. To apply for the stimulus check, you must complete and submit a Form 1040 or 1040-SR to the IRS. The timeline for receiving your payment depends on how you submitted your application.