Millions of Americans are now receiving stimulus checks from the IRS as part of the most recent COVID-19 relief effort.
It’s vital to keep an eye on your inbox and check for any deposits in your account since these contributions, which are intended to help offer financial support to people who have been affected by the current epidemic, are being made through the mail and direct deposit.
The so-called “Economic Impact Payments,” sometimes known as stimulus payments, will be worth up to $1,400 per person and $2,800 for married couples filing jointly, with an extra $1,400 for each dependant. If their adjusted gross income (AGI) is less than $75,000 for single filers, $112,500 for the head of household filers, and $150,000 for married persons, eligible beneficiaries will get the entire amount. If an individual’s AGI exceeds certain levels, the payment amount will be lowered, and for those whose AGI exceeds $80,000, $120,000, and $160,000, respectively, the payment will completely phase out.
Stimulus Checks Distribution Begins
The IRS claims that the majority of taxpayers don’t need to take any action because the stimulus checks are being automatically issued to qualified recipients. The money will be issued by direct deposit to individuals who submitted their 2020 tax return and supplied information for direct deposit. The payment will be mailed to individuals who have not given direct deposits such as a check or debit cards.
The IRS has created a website where you may enter your bank information, monitor the progress of your stimulus check, and discover answers to commonly asked issues. It’s important to keep in mind that this most recent round of stimulus funds is available to both tax filers and non-filers. Additionally, the IRS has created a non-filers tool that is accessible on their website and that non-filers can utilize. Keep an eye on your mailbox, your stimulus check might just arrive to help you out in 2023 again!
