The IRS is sending out $2,200 to households earning less than $57,000 in 2020. It’s a one-time payment that will be deposited directly into your bank account or mailed to your home. The check will be paid to those who are eligible for the Earned Income Tax Credit (EITC), which was created to help those with low or moderate incomes offset the cost of federal income taxes.
The amount of your tax refund check depends on how much you paid in taxes throughout the year, but most people will see an average of $1,400 in refund money.
You may have heard that the government was planning on making these payments in cash; however, they decided against this plan because they were afraid that people would spend their money on things like video games or frivolous purchases (like maybe a new computer) instead of saving it for future use.
Instead of giving out cash, the IRS has decided to deposit these funds directly into bank accounts starting next month—and this is good news for writers like yourself! If you’re looking for new ways to spend your extra income as part of our 2022 economic stimulus check then this article could help provide some ideas – so keep reading!
States That Are Offering Such Stimulus Checks
If you’re receiving SSI or SSDI, your stimulus check should be deposited directly into your bank account just like it was in the first round of deposits. In fact, direct deposit is the best way to get your money from the government as quickly as possible—it’s free and there’s no waiting in line for hours on end!
To set up a direct deposit account with the IRS, simply go to their website and fill out an online form. You can also choose to receive your economic stimulus check on a prepaid debit card instead of having it deposited directly into your bank account.
This option has some benefits: It makes it easier for you to keep track of how much money is left over after spending expenses. Many prepaid cards offer rewards programs that give bonuses when purchasing certain items through their portal. Some also provide other features such as discounts on gas purchases at specific stations (though this may not apply in every case).