Are you wondering if you will get another stimulus check in 2023? If so, you are not alone. Millions of Americans are eagerly waiting for the government to approve more direct payments to help them cope with the economic fallout of the pandemic.
But will there be a fourth stimulus check? And if so, who will qualify for it and how much will it be? In this article, we will answer these questions and more, based on the latest news and updates. Let’s get started, Hustlers!
What is a stimulus check?
A stimulus check is a direct payment from the federal government to eligible individuals and families. The purpose of a stimulus check is to stimulate the economy by providing people with extra cash to spend or save.
So far, the government has issued three rounds of stimulus checks since the pandemic began:
- The first round was in March 2020, under the CARES Act, and provided up to $1,200 per adult and $500 per child.
- The second round was in December 2020, under the Consolidated Appropriations Act, and provided up to $600 per adult and child.
- The third round was in March 2021, under the American Rescue Plan, and provided up to $1,400 per adult and child.
The amount and eligibility of each stimulus check varied depending on factors such as income, filing status, and number of dependents.
Will there be a fourth stimulus check?
As of now, there is no official plan or proposal for a fourth stimulus check. However, some lawmakers and advocates have been pushing for more direct payments, especially as the pandemic continues to pose challenges for many Americans.
For instance, in January 2021, a group of 53 Democratic lawmakers sent a letter to President Joe Biden and Vice President Kamala Harris, urging them to support recurring stimulus payments until the end of the crisis. They argued that one-time payments are not enough to meet the needs of struggling households.
Similarly, in March 2021, another group of 21 Democratic senators sent a similar letter to the White House, calling for automatic stimulus payments and unemployment benefits tied to economic conditions. They claimed that this would ensure that people receive the support they need for as long as they need it.
In addition, more than 3 million people have signed a petition on Change.org, started by a restaurant owner in Denver, Colorado, asking for $2,000 monthly payments for every American. The petition states that regular checks are necessary to help people pay their bills, support local businesses, and boost consumer spending.
Despite these efforts, the chances of a fourth stimulus check are slim, given the political and economic realities. For one thing, the Biden administration has shifted its focus to other priorities, such as infrastructure, climate change, and social spending. For another, the economy has shown signs of recovery, with lower unemployment, higher growth, and increased vaccination rates.
Therefore, unless there is a significant change in the situation, such as a new wave of infections, a new variant, or a major slowdown, it is unlikely that the government will approve another stimulus check in the near future.
Who would qualify for another stimulus check?
If there is a fourth stimulus check, the eligibility criteria would depend on the details of the legislation that authorizes it. However, based on the previous rounds, we can make some educated guesses.
For example, the income thresholds for the third stimulus check were $75,000 for single filers, $112,500 for heads of household, and $150,000 for married couples filing jointly. These were lower than the thresholds for the first and second stimulus checks, which were $99,000, $136,500, and $198,000, respectively.
This means that the government may continue to phase out or exclude higher-income earners from receiving a fourth stimulus check, in order to target the money to those who need it most. Alternatively, the government may use a different measure of income, such as adjusted gross income (AGI) or taxable income, to determine eligibility.
Another factor that may affect eligibility is the number and age of dependents. The third stimulus check expanded the definition of dependents to include adult dependents, such as college students, disabled relatives, and elderly parents. This allowed more people to claim an additional $1,400 per dependent, regardless of their age.
However, the government may decide to limit or change the amount of money per dependent, depending on the cost and scope of the fourth stimulus check. For instance, the government may revert to the previous definition of dependents, which only covered children under 17, or it may introduce a different age cutoff or payment amount.
OAS Increase in 2024 What You Need to Know About it
How much would a fourth stimulus check be?
The amount of a fourth stimulus check would also depend on the specifics of the legislation that approves it. However, based on the previous rounds, we can make some reasonable assumptions.
For instance, the first stimulus check provided up to $1,200 per adult and $500 per child, for a maximum of $3,400 for a family of four. The second stimulus check provided up to $600 per adult and child, for a maximum of $2,400 for a family of four. The third stimulus check provided up to $1,400 per adult and child, for a maximum of $5,600 for a family of four.
This means that the government may vary the amount of a fourth stimulus check, depending on the budget and the goal of the payment. For example, the government may opt for a smaller amount, such as $500 or $1,000, to provide a modest boost to the economy. Or, the government may go for a larger amount, such as $2,000 or more, to provide more substantial relief to the people.
Alternatively, the government may adopt a different approach, such as recurring payments or targeted payments. For example, some lawmakers and advocates have suggested sending monthly checks of $2,000 or more until the end of the pandemic, to provide a steady income stream for households. Or, some experts have proposed sending payments only to certain groups, such as low-income earners, essential workers, or parents, to address specific needs or challenges.
How to check the status of your stimulus check?
If you are eligible for a stimulus check, you can check the status of your payment on the IRS website, using the Get My Payment tool. This tool will show you the following information:
- Your payment status, which tells you if your payment has been processed, scheduled, or sent.
- Your payment type, which tells you if your payment will be sent by direct deposit or mail.
- Your payment date, which tells you when your payment will be deposited or mailed.
To use the Get My Payment tool, you will need to enter your Social Security number, date of birth, and address. You can access the tool once a day, and the information is updated every night.
However, the Get My Payment tool may not work for everyone, or it may show an error message, such as “Payment Status Not Available” or “Need More Information.” This could happen for various reasons, such as:
- You are not eligible for a payment.
- You filed your tax return recently or it has not been processed yet.
- You receive federal benefits, such as Social Security, Supplemental Security Income, or Veterans Affairs benefits, and your information is not available on the tool.
- You used the Non-Filers tool last year and your information is not available on the tool.
- You entered incorrect or incomplete information on the tool.
- The tool is experiencing high volume or technical issues.
If you encounter any problems with the Get My Payment tool, you can try the following tips:
- Check your information carefully and make sure it matches your tax return or federal benefits records.
- Try again later, preferably during off-peak hours, such as early morning or late night.
- Use a different device or browser, and clear your cache and cookies.
- Contact the IRS by phone or mail, but be prepared to wait due to limited staff and resources.
How to get the most out of your stimulus check?
If you receive a stimulus check, you may be wondering how to best use it. Of course, this will depend on your personal and financial situation, but here are some general tips to consider:
- Pay your essential expenses, such as rent, mortgage, utilities, food, and medicine. These are your top priorities, as they affect your health and well-being.
- Pay off your high-interest debt, such as credit cards, payday loans, or personal loans. This will save you money on interest and fees, and improve your credit score.
- Build or replenish your emergency fund, which is a savings account that covers three to six months of living expenses. This will protect you from unexpected events, such as job loss, medical bills, or car repairs.
- Invest in your future, such as by saving for retirement, education, or a home. This will help you achieve your long-term goals and grow your wealth over time.
- Spend on your needs and wants, such as by buying new clothes, upgrading your gadgets, or taking a vacation. This will boost your happiness and support the economy.
Whatever you decide to do with your stimulus check, make sure you have a plan and a budget, and stick to them. This will help you avoid overspending, wasting, or regretting your money.
Conclusion
A fourth stimulus check is not guaranteed, but it is possible, depending on the political and economic developments. If there is a fourth stimulus check, the amount and eligibility may vary from the previous rounds, and you can check the status of your payment on the IRS website.If you receive a stimulus check, you should have a plan and a budget, and stick to them. This will help you avoid overspending, wasting, or regretting your money.
Here is a summary of the main points of this article:
- A fourth stimulus check is possible, but not guaranteed, depending on the political and economic situation.
- The amount and eligibility of a fourth stimulus check may vary from the previous rounds, and you can check the status of your payment on the IRS website.
- You should use your stimulus check wisely, by paying your essential expenses, paying off your high-interest debt, building or replenishing your emergency fund, investing in your future, and spending on your needs and wants.
We hope you found this article helpful and informative. If you did, please share it with your friends and family, and subscribe to our newsletter for more updates and tips. Also, don’t forget to check out our website, HustleHub, for more resources and opportunities to help you achieve your financial goals. Thank you for reading, Hustlers!
Source: (1) Stimulus Check Update: $600 Direct Payments Approved – CNBC. https://www.cnbc.com/select/second-stimulus-check-600-direct-payments-approved/. (2) What’s behind the push for a fourth stimulus check – CBS News. https://www.cbsnews.com/news/fourth-stimulus-check-update-2022-02-11/. (3) Stimulus Update: How to Check to See if You’re Getting Another Payment. https://www.fool.com/the-ascent/personal-finance/articles/stimulus-update-how-to-check-to-see-if-youre-getting-another-payment/. (4) New batch of $1,400 stimulus checks includes ‘plus-up’ payments – CNBC. https://www.cnbc.com/2021/04/05/new-batch-of-1400-stimulus-checks-includes-plus-up-payments.html. (5) Third stimulus check: When could you get a $1,400 check?. https://www.cbsnews.com/news/stimulus-check-1400-dollars-covid-relief-2021-02-07/.