PRESIDENT Joe Biden has yet to approve another round of federal stimulus payments — but many Americans are hoping it will happen.
As of December 2021, the IRS had issued $400 billion in stimulus checks as part of the third-round package.
These were worth $1,400 each.
Since then, various petitions have continued to circulate trying to convince lawmakers to send citizens a fourth stimulus check.
As inflation ravages America’s wallets, 64% are living paycheck to paycheck, a report by LendingClub reveals.
Additionally, hourly wages are not keeping pace with the last reported inflation rate of 9.1%.
How many stimulus checks have been issued?
The government has issued three rounds of stimulus checks so far.
The first Economic Impact Payment was valued at up to $1,200 and was paid out to low-income households in 2020.
This was followed by a second payment of up to $600 in early 2021.
Then, by December 2021, the IRS had sent a third round of cash assistance, each worth $1,400, to 175 million people.
Will there be a fourth stimulus check?
Unfortunately it seems unlikely.
Dozens of lawmakers have been pushing for recurring stimulus payments, but any hope was brushed aside as lawmakers focused on the Build Back Better Act.
The Social Spending Plan stalled in Congress late last year.
Congress has since turned to other issues, and no talks of stimulus money are currently on the table.
That means Americans shouldn’t expect to get a fourth check.
Who qualified for the third stimulus check?
Qualifying Americans received the maximum payment as long as their income was $75,000 and under, or $150,000 for couples.
Beyond those thresholds, the $1,400 check began to drain.
It was then capped at $80,000 and $160,000 respectively.
This is how you find out if you are entitled to something
A report released in March by the Treasury Inspector General for Tax Administration found that more than 645,000 people missed stimulus payments in mid-September.
This includes the following, along with the number of people in each group who did not receive their payments:
- Individuals with an Individual Tax Identification Number (ITIN) who have a qualifying dependent – this affects 419,822 individuals
- Those entitled to be excluded from unemployment benefits – 133,578 people are affected
- Those incorrectly flagged as residents of a US territory – affected 51,639 people
- Those who submitted amendments or had an unresolved condition on their tax account – affecting 39,666 people
If you fit into these categories or think you’re entitled to more stimulus money, there’s an easy way to check.
By now, Americans should have received two important letters regarding 2021 stimulus payments and child tax credits.
The letter “6475,” which refers to incentive payments, helps determine whether or not you can claim the rebate credit on your 2021 tax return.
In addition, the letter describes how to claim the money upon filing.
If you didn’t receive a letter or accidentally threw it away, there are other ways to check how much stimulus money you received.
You can review your last year’s bank statements and see how much has been deposited, or you can log into your online account and click on the Economic Impact Payment Information section of the Tax Records page.
Additionally, parents can use the IRS’s Child Tax Credit Portal to view payments in their online accounts.
However, if you are unsure, consult a tax professional as filing errors can cause delays.
The deadline for filing tax penalties was April 18.
However, you could have received an additional six months through October if you had applied for an extension.
https://www.the-sun.com/money/2377561/fourth-stimulus-check-joe-biden-coronavirus-relief/ Will there be a fourth stimulus check?