Key Takeaway Box:
- Stimulus checks are payments made by the government to help people and businesses during economic hardship.
- The latest stimulus checks are worth up to $2200 for individuals and $4400 for families, depending on their income and filing status.
- To receive a stimulus check, you need to file your 2020 tax return by December 31, 2023.
- You can check the status of your stimulus check online or by phone.
- If you have any questions or issues with your stimulus check, you can contact the IRS or your local tax office.
Hey, Hustlers! Are you looking forward to celebrating Christmas with your loved ones? We know that this year has been tough for many of you, especially with the ongoing COVID-19 pandemic and its economic impact. That’s why we’re here to give you some good news: you may be eligible for a stimulus check from the government before the end of the year!
A stimulus check is money sent to you by the government to stimulate the economy by providing you with some extra cash. The idea is that you will spend the money on goods and services, which will boost the demand and create more jobs. Stimulus checks are also meant to help you cover your essential expenses, such as rent, food, utilities, and medical bills.
The most recent stimulus checks are part of the American Rescue Plan Act of 2023, which was signed into law by President Joe Biden on March 11, 2023. The act provides $1.9 trillion in relief funds for various sectors, including health care, education, transportation, and small businesses. It also includes direct payments to eligible Americans, which are the largest and most generous stimulus checks so far.
How Much is the Stimulus Checks Worth?
The amount of your stimulus check depends on your income and filing status. The maximum amount is $2200 for individuals and $4400 for married couples filing jointly. You will also receive an additional $1100 for each dependent child under the age of 17. However, these amounts will start to phase out if your income exceeds a certain threshold. Here is a table that shows the income limits and the reduced amounts for different filing statuses:
| Filing Status | Income Limit | Reduced Amount |
|---|---|---|
| Single | $75,000 | $5 for every $100 above the limit |
| Head of Household | $112,500 | $5 for every $100 above the limit |
| Married Filing Jointly | $150,000 | $5 for every $100 above the limit |
For example, if you are single and your income is $80,000, your stimulus check will be reduced by $250 ($5 x 50), which means you will receive $1950. If you are married and filing jointly, and your income is $160,000, your stimulus check will be reduced by $500 ($5 x 100), which means you will receive $3900.
If your income is above a certain level, you will not receive any stimulus check at all. Here is another table that shows the income cutoffs for different filing statuses:
| Filing Status | Income Cutoff |
|---|---|
| Single | $100,000 |
| Head of Household | $150,000 |
| Married Filing Jointly | $200,000 |
For example, if you are single and your income is $101,000, you will not receive any stimulus check. If you are married and filing jointly, and your income is $201,000, you will not receive any stimulus check either.
Also Read: Another Stimulus Check: What You Need to Know
How to Receive a Stimulus Check?
To receive a stimulus check, you need to file your 2020 tax return by December 31, 2023. The IRS will use the information from your tax return to determine your eligibility and the amount of your stimulus check. If you have already filed your 2020 tax return, you don’t need to do anything else. The IRS will automatically send you your stimulus check by direct deposit, paper check, or debit card.
If you have not filed your 2020 tax return yet, you should do it as soon as possible. You can file your tax return online using the IRS Free File program, which is available for taxpayers with an income of $72,000 or less. You can also use the IRS Non-Filers Tool if you don’t normally file a tax return because your income is too low or you receive certain benefits, such as Social Security, Supplemental Security Income, or Veterans Affairs. You will need to provide some basic information, such as your name, address, Social Security number, and bank account details.
If you are not required to file a tax return, but you have a child who is eligible for the stimulus check, you will need to use the IRS Child Tax Credit Update Portal to claim your payment. You will need to register your child and provide some information, such as their name, date of birth, and Social Security number. You will also need to verify your identity and provide your bank account details.
How to Check the Status of Your Stimulus Check?
You can check the status of your stimulus check online using the IRS Get My Payment tool. You will need to enter some information, such as your Social Security number, date of birth, and address. The tool will show you the date and method of your payment, as well as the amount. You can also request a payment trace if you have not received your payment within the expected time frame.
You can also check the status of your stimulus check by phone by calling the IRS Economic Impact Payment line at 800-919-9835. You will need to follow the prompts and provide some information, such as your Social Security number and address. You will hear an automated message that will tell you the status of your payment, as well as some general information about the stimulus checks.
What to Do If You Have Any Questions or Issues with Your Stimulus Check?
If you have any questions or issues with your stimulus check, you can contact the IRS or your local tax office for assistance. You can also visit the [IRS website] for more information and resources about the stimulus checks, such as FAQs, guides, and videos. You can also find out more about the other benefits and programs that are part of the American Rescue Plan Act, such as the expanded child tax credit, the earned income tax credit, and the health insurance premium tax credit.
We hope that this article has helped you understand what stimulus checks are, how much they are worth, how to receive them, and how to check their status. We also hope that you will use your stimulus check wisely and responsibly, whether it’s to pay your bills, save for the future, or treat yourself to something nice. Remember, Hustlers, you deserve this!
Source: (1) Economic Impact Payments | Internal Revenue Service. https://www.irs.gov/coronavirus/economic-impact-payments. (2) The Stimulus Check in Canada: Everything You Need to Know – Reviewlution. https://reviewlution.ca/resources/stimulus-check-in-canada/. (3) What Is a Stimulus Check? Definition, How It Works, and Criticism. https://www.investopedia.com/terms/s/stimulus-check.asp. (4) Stimulus Checks: What You Need to Know – The Motley Fool. https://www.fool.com/the-ascent/personal-finance/stimulus-checks/.