Are we receiving the stimulus check? This question has been on the minds of millions of Americans as the COVID-19 pandemic continues to disrupt lives and economies. With the recent passage of the American Rescue Plan Act, many are eagerly waiting to see if they qualify for another round of financial relief from the government. In this article, we will explore the eligibility criteria, the status of the stimulus checks, and what you can do to ensure you receive your payment.
The first round of stimulus checks, known as Economic Impact Payments, was introduced in March 2020 as part of the CARES Act. These payments were designed to provide immediate financial assistance to individuals and families affected by the pandemic. The second round of checks, which were part of the Consolidated Appropriations Act of 2021, followed shortly thereafter, providing additional support to those in need.
Eligibility for the stimulus check:
To determine whether you are eligible for the stimulus check, you need to consider several factors. First, you must be a U.S. citizen or a resident alien with a valid Social Security number. Non-resident aliens, individuals with an ITIN (Individual Taxpayer Identification Number), and dependents are generally not eligible.
Additionally, the amount of the stimulus check you receive depends on your filing status, age, and income. Single filers with an adjusted gross income (AGI) of up to $75,000 are eligible for the full $1,200 payment. The amount is reduced by $5 for every $100 of income above the threshold. For married couples filing jointly, the threshold is $150,000, and for heads of household, it is $112,500.
Status of the stimulus checks:
As of now, the IRS has begun processing the third round of stimulus checks. The payments are being sent out through direct deposit, paper checks, and debit cards. The IRS has set up a website where you can check the status of your payment by entering your Social Security number, date of birth, and address.
If you have not received your stimulus check yet, there are a few things you can do to ensure you receive it. First, make sure you have filed your 2019 or 2020 tax return, as the IRS uses this information to determine your eligibility and payment amount. If you have not filed, you can still do so and claim the stimulus payment as a recovery rebate credit on your tax return.
What to do if you haven’t received your stimulus check:
If you have not received your stimulus check, here are some steps you can take:
1. Check the IRS website for the most up-to-date information on your payment status.
2. Verify that your bank account information is correct if you are receiving the payment via direct deposit.
3. Contact the IRS if you believe there has been an error or if you have not received your payment within the expected timeframe.
4. Keep an eye on your mail for a paper check or a notice from the IRS if you are not eligible for direct deposit.
Remember, patience is key during this process. The IRS is working diligently to process and distribute the stimulus checks, but it may take some time due to the high volume of requests. Stay informed, and don’t hesitate to reach out to the IRS if you have any questions or concerns.
