A stimulus check is a kind of check that the U.S. government sends to the taxpayer. This is a kind of motivation to stimulate the economy. To provide the consumers in the economy with some money, this stimulus check helps a lot. The taxpayer receives the stimulus money and it will boost the consumption of things. Thus, it indirectly stimulates the manufacturers and retailers in the economy.
Whenever the economy faces serious problems, this stimulus check helps the citizens of the U.S. Thus, the stimulus check will support the economy in the best way during some hard situations.
Who Is Eligible For Stimulus Check?
U.S taxpayers with some salary scale are eligible to get this stimulus check. To get the check, taxpayers have to submit some documents. After filing the documents, the taxpayers will get a different amount. The check is based on their salary and other things.
In general, joint taxpayers will get double the single taxpayer’s check. Though, if you are not paying taxes, you will get stimulus checks adding to your balance.
Examples Of New Stimulus Checks:
When the U.S. economy faced a bad recession, this stimulus check helped the people. It was in 2008, the people got some stimulus checks due to the recession. At that time, the president of the U.S. was George W. Bush. The U.S. government sent almost $3000 to each of the qualified taxpayers.
In March 2020, the coronavirus created a panic situation all over the world. Especially, most of the people are passed away and some of them even lost their job. So, to help those people and to provide relief from economic hardships, stimulus payments are helpful.
The IRS created a new portal for this Stimulus Check. Here the people can log in and check the payment status. In December 2000, the second round of checks is given. Then, in March 2021, again the rescue plan team signed a project. Under this project, taxpayers got direct stimulus payments of $1,400. This time, it was the American President Biden who signed this amount that exceeds the December $600 amount.
Almost all Americans may get qualify for this stimulus payment. But they need to submit the tax files properly. According to a study, nearly 158 million Americans are going to get this stimulus check. Additionally, many dependents are eligible to get the checks for this time.
The IRS is responsible to send the stimulus payments to the taxpayers. Already, they sent the first and second stimulus payments to the qualified Americans. The IRS uses two things to decide your stimulus amount. They are
- Tax Filing Status
- Adjusted Gross Income
According to American Rescue Plan Act (ARPA), qualified Americans may get the full payment of $1,400 if:
- You are a single person of AGI of up to $75,000
- As per a family head of AGI of up to $112,500
- If You are a joint couple of AGI of up to $150,000
Thus, the qualified Americans can wait for another stimulus check that will shortly come into progress.