As 2023 draws nearer, the Internal Revenue Service (IRS) is preparing to distribute stimulus checks to qualifying individuals and families across the Midwest. With the effects of the ongoing pandemic still being felt in the region, taxpayers are eager to learn more about the potential for receiving a stimulus check in 2023.
The $1,400 stimulus check is part of the American Rescue Plan, which was passed by Congress in March 2021. Eligible individuals will receive a one-time payment of $1,400 for single filers and $2,800 for joint filers. In addition, dependents, regardless of age, will receive $1,400 each.
In order to qualify for the payment, an individual must have made less than $75,000 as a single filer or $150,000 as a joint filer in 2020. The amount of the payment is reduced for those who made more than the stated amounts. For example, a single filer who made $87,000 in 2020 would receive a stimulus check of $700.
Stimulus Checks Situation For Midwest
Those who reside in the Midwest states of Iowa, Illinois, Wisconsin, Minnesota, Michigan, and Indiana should be aware of the specific requirements for stimulus checks in their state. For instance, in Illinois, the income threshold is $200,000 for single filers and $400,000 for joint filers. In Minnesota, the income threshold is $90,000 for single filers and $180,000 for joint filers.
It is important to note that those who receive Social Security, Supplemental Security Income (SSI), or veterans disability benefits are also eligible to receive a stimulus check. Additionally, those who did not file a 2020 tax return due to non-filing status or low income should use the Free File option on the IRS website to submit a return and receive their stimulus check.
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.