Stimulus Check Facts That People Don’t Know About

stimulus check
stimulus check

The onset of the coronavirus pandemic in the entire world increased the policy of poverty and unemployment. The majority of the people in America also faced the same consequence of this pandemic. Thus, the Federal Government of America sanctioned three back-to-back stimulus checks which were given to the people to meet their basic necessities. 

Stimulus Check An Important Element To Revive American Economy

The entire process of relief checks is very complicated and there are still many facts that people are not aware of. As per Nick Strain, the senior advisor of wealth at Halbert Hargrove, the amount of the relief check was decided by the 2019 and 2020 tax returns. The deadline for 2020 tax filing was 17th May and thus stimulus check was issued in March 2021 with the information of the previous filing. 

In the words of R.J. Weiss, most American citizens have used the money from relief checks to pay their rent, debt, and other necessities. However, data shows that 15% of the stimulus check owners spent in randomly. The eligibility criteria for every relief check have been kept different by the Government to cover maximum citizens. 

According to Carter Seuthe, Credit Summit’s CEO, people are not aware of the fact that no income tax is needed on the stimulus checks. The adjusted gross income amount for couples who are filing together is $150,000 and can be even more to be eligible for the checks. 

Moreover, people who have missed their relief check or lost it can still opt for it by contacting IRS. IRS will analyze the entire situation and will reissue another check if necessary. The last stimulus check can be demanded again by filing a tax return of 2021 under the scheme of recovery rebate tax credit. Some states of America like California, New Jersey, Arizona, and many more have started their own stimulus check policy.