Are we getting the stimulus check? This question has been on the minds of millions of Americans since the COVID-19 pandemic began. With the government implementing various economic relief measures, including stimulus checks, many are eager to know if they are eligible and when they can expect to receive their payment. In this article, we will explore the eligibility criteria, the process of receiving the stimulus check, and the latest updates on the third round of these financial lifelines.
The first round of stimulus checks, known as the CARES Act, was signed into law in March 2020. This legislation aimed to provide direct financial assistance to individuals and families affected by the pandemic. Eligible recipients received a one-time payment of up to $1,200 for individuals and $2,400 for married couples filing jointly, along with an additional $500 for each qualifying child.
Eligibility for the stimulus check is based on several factors, including income, filing status, and age. To be eligible, individuals must have a Social Security number and must have had income below a certain threshold in 2019 or 2020. Single filers with an adjusted gross income (AGI) of up to $75,000, married couples filing jointly with an AGI of up to $150,000, and heads of household with an AGI of up to $112,500 were eligible for the full payment. For those with higher incomes, the payment was reduced or phased out entirely.
The second round of stimulus checks, known as the Economic Impact Payment (EIP), was authorized by the Consolidated Appropriations Act in December 2020. This round of checks provided eligible recipients with an additional $600 payment. Similar to the first round, the eligibility criteria were based on income, filing status, and age, with the same thresholds and phase-out rules applying.
As the pandemic continues to impact the economy, the government has authorized a third round of stimulus checks. The American Rescue Plan Act, signed into law in March 2021, provides eligible individuals with a payment of up to $1,400. This round of checks also includes a $1,400 payment for each qualifying dependent, including adult children.
The process of receiving the stimulus check has been streamlined by the IRS, which has been using existing tax information to identify eligible recipients. Most individuals who received the first two rounds of checks should automatically receive the third round as well. However, some may need to update their information with the IRS to ensure they receive the payment.
It is important for individuals to stay informed about the latest updates on stimulus checks. The IRS has been providing regular updates on its website, and there are various resources available to help individuals determine their eligibility and track the status of their payment. Additionally, individuals can contact the IRS directly or seek assistance from a tax professional if they have questions or concerns.
In conclusion, the question “Are we getting the stimulus check?” is one that many Americans are asking as they navigate the challenges of the COVID-19 pandemic. By understanding the eligibility criteria, the process of receiving the payment, and the latest updates, individuals can better prepare for their financial future during these unprecedented times.
