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Friday, December 9, 2022

Stimulus Checks You Need To Know For The Spring

Stimulus Checks have been a backbone for Americans during tough times.

A lot of people have been wondering if they’re going to get the American Rescue Plan payment, and now it’s time for answers. The American Rescue Plan is a stimulus check that will be sent out this spring and summer to millions of Americans who qualify.

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The American Rescue Plan is a $1,400 direct payment to millions of Americans. The plan was introduced in the spring of 2022 and has been in effect since that time. It’s a part of the Stimulus Check program, which aims to stimulate the economy by giving cash directly to consumers who are struggling financially.

Americans who receive this money can use it for whatever they want, although the government encourages people to spend their money on things like education, healthcare or home repairs (since this will have better long-term benefits than spending it on shopping sprees).

Federal Stimulus Checks Are Likely to Run Out

In order to qualify, a household’s adjusted gross income must be $66,000 or less for single filers and $66,000 or less for joint filers.

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If you’re married and filing jointly with your spouse—and the two of you together have an adjusted gross income that’s more than twice that amount—you still might be eligible if one of you has a disability.

You may be wondering how long it will take for your money to arrive. The answer is, it’s hard to say. When people talk about the stimulus payment, they often use the phrase “spring 2022.” But that doesn’t mean that every recipient will get theirs at exactly the same time. Some might find out as early as next week; others could have to wait until midyear or later this year or even into next year until their checks arrive in the mail.

How can you keep track of whether yours has arrived? Go ahead and check your bank account on a regular basis (once a month should do).

For example, if you have a child that meets the definition of an eligible dependent, your assistance will remain at its current level. If you have two or more eligible dependents, your assistance will increase by $300 per month for each additional person. The total increases are capped at $600 per month.

The IRS will also mail out stimulus checks or send debit cards depending on how the checks are requested by the recipients. If a person wishes to receive their payment by check/debit card, they can submit a form at www.tax.gov after April 14, 2022.

The information provided on this page is subject to change as more information becomes available from various sources and with each new update from the White House, Treasury Department of Congress.

 

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