The Internal Revenue Service (IRS) is getting ready to give stimulus funds to eligible people and families in the Midwest as 2023 approaches. The current pandemic’s impacts are still being felt in the area, therefore taxpayers are curious about the possibility of receiving a stimulus check in 2023.
The American Rescue Plan, which was approved by Congress in March 2021, includes the $1,400 stimulus check. A one-time payment of $1,400 for single taxpayers and $2,800 for joint filers will be given to eligible people. Furthermore, dependents of any age will get $1,400 apiece.
An individual must have earned less than $75,000 as a single filer or $150,000 as a joint filer in 2020 in order to be eligible for the payout. Those that made more than the specified quantities will have their payout amount decreased. A single filer who earning $87,000 in 2020, for instance, would get a $700 stimulus payment.
The Current Stimulus Checks Situation For The MidWest:
Residents of Iowa, Illinois, Wisconsin, Minnesota, Michigan, and Indiana in the Midwest should be aware of their state’s particular criteria for stimulus checks. For instance, in Illinois, the threshold for joint and single taxpayers is $400,000 and $200,000 respectively. In Minnesota, the single and joint filing thresholds are $90,000 and $180,000 respectively.
People who receive Social Security, Supplemental Security Income (SSI), or veteran’s disability payments are also qualified to receive a stimulus check, it is crucial to highlight. Furthermore, those who failed to file a 2020 tax return because of their non-filing status or low income should use the Free File option on the IRS website to do so and still be eligible for their stimulus payment.
The IRS expects to begin sending out stimulus checks in mid-2023. It is important to remember that even if an individual does not qualify for a stimulus check in 2023, they may still be eligible for other types of financial assistance, such as unemployment benefits or the Earned Income Tax Credit.
Taxpayers in the Midwest states should keep an eye out for additional information about stimulus checks in the coming months. With the effects of the pandemic still being felt, the additional financial assistance from the government can provide much-needed relief to individuals and families.