The Claim: A Fourth $2000 Stimulus Payment Is Being Sent Out
With tax season underway, some experts have warned that the 2022 season may see some of the issues of 2021, when several rounds of stimulus checks caused severe logjams in the IRS’ filing system.
While it’s been about a year since stimulus checks were last dispensed, an array of social media posts claim a fourth round of stimulus checks are on the way.
“SENDING OUT $2,000 CHECKS FOR EVERYONE! FOURTH STIMULUS CHECK,” says the title on a viewed more than 20,000 times.
videos with titles claiming the checks will be deposited Feb. 9 drew 40,000 more views.
But none of the videos followed through with any proof of an upcoming payment. Because there isn’t one.
No fourth stimulus check is imminent, the IRS confirms.
The poster couldnt be reached for comment.
Is Congress Talking About A Fourth Stimulus Check
There are no signs that lawmakers in Washington, D.C. are in serious discussions about a fourth direct payment stimulus check. While there have been calls by the public and from some lawmakers for recurring payments, there has been practically nothing in terms of action.
Emails and phone calls to the White House, Sen. Bernie Sanders, I-Vt., who is chair of the Senate Budget Committee, and Rep. John Yarmuth, D-Ky., chair of the House Budget Committee, asking if such payments are under discussion were not returned.
One pandemic-related stimulus that is being considered for an extension is the monthly advance child tax credit. It raised the previous tax credit from $2,000 at tax time to $3,000-$3,600 with the option of monthly payments. A one-year extension is part of the Build Back Better bill that passed the House. But Sen. Joe Manchin, D-W.V., announced Sunday he would not vote for it. With no Republicans on board, passage of the bill is doomed unless an alternative is found.
A group of Democrats sent a letter to Biden in back in May , but the letter did not get into specifics and nothing else came of it.
A change.org petition started by Denver restaurant owner Stephanie Bonin in 2020 called on Congress to pass regular checks of $2,000 for adults and $1,000 for kids for the duration of the pandemic crisis.
As of late December, the petition has reached nearly 3 million signatures.
Are We Getting A New Stimulus Check
Weve laid out in multiple posts just who is getting new ones. There are plenty of people who are getting new stimulus checks. But remember, which ones are we really counting as full ones or which ones are child tax credits? Also, states are dishing out money to specific workers as well. If youre a teacher in Michigan who worked in the school last year, youre getting money and so forth.
For the largest city in the world, New York City is putting forth a plan to put its COVID-related funds to good use. $65 million is going to the taxicab industry. 1,8000 New York-based artists could be receiving a one-time, $5,000 grant. That will come by the end of this month. New York City received $6 billion in COVID federal aid money. The money will also be sent trying to tackle the homelessness crisis in the city. Plus, money will be allocated to vaccine distributions.
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What’s The Third Stimulus Check Update
Most Americans who are eligible to get the third stimulus check have received it, including people who don’t normally file tax returns and people who get federal benefits like Social Security.
If your initial direct deposit, paper check, or debit card didn’t include the full amount you’re eligible for, you may be getting a “plus up” payment from the IRS soon.
How To Keep Up To Date On All That Is Happening
We try to keep you in the loop on all of the breaking news when it comes to stimulus checks. Federal and state money being given to those deeply affected by the pandemic is something many want to know about. Another stimulus check could be in your future. You can check with your states government website. You can check with the U.S. Department of Treasury on COVID-19 Relief. Leading into 2022, there could still be money for you.
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Child Tax Credit: December End
Some families received another form of stimulus aid when the IRS in July deposited the first of six monthly cash payments into bank accounts of parents who qualify for the Child Tax Credit . Families on average received $423 in their first CTC payment, according to an analysis of Census data from the left-leaning advocacy group Economic Security Project.
Eligible families received up to $1,800 in cash through December, with the money parceled out in equal installments over the six months from July through December. The aid was due to the expanded CTC, which is part of President Joe Biden’s American Rescue Plan.
Families who qualify received $300 per month for each child under 6 and $250 for children between 6 to 17 years old. Several families that spoke to CBS MoneyWatch said the extra money would go toward child care, back-to-school supplies and other essentials.
While progressives and some Democrats urged lawmakers to continue the enhanced CTC, it appears stalled at the moment. That means families won’t receive a CTC payment in January or beyond.
Dont Wait For A 4th Stimulus Check To Take Control Of Your Money
Getting your hands on some extra cash when youre in a tough spot can feel like a breath of fresh air, but dont depend on a stimulus as your money plan. Weve said it before and well say it again and again dont wait around for the government to take care of you. Its never a good bet.
And truth be told, youll be waiting around for a long time. Sure, a fourth stimulus check can help you out, but it isnt going to be your lifeline. If you really want to take control of your money, you need a proven plan that you are in charge of.
Sooner or later, stimulus checks run out. But knowing how to budget, save, and make your money goals happen is something that keeps on giving. And we know just the thing to get you there. The premium version of our budgeting app EveryDollar, and Financial Peace University are the trusted tools you need to build habits that keep you on track with your money goals. Get your money working for you and start creating the life you wantwithout waiting on the government.
About the author
Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.
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Social Safety Net Expansion Already Underway
Even without more stimulus checks, experts say the money deployed to individuals and families during Covid-19 has amounted to a new experiment with government aid.
“There’s a view out there that these ongoing payments, especially to the extent that now there are whispers about ongoing payments in perpetuity, they sort of represent a stealth implementation of UBI or universal basic income,” Earle said.
Because some people lost jobs or businesses overnight, they are more aware of the potential need for some kind of guaranteed income from the government, according to Earle. Some politicians also agree.
The concept dates from President Franklin D. Roosevelt’s New Deal policy of the 1930s, which included a right to housing, jobs and income, though it did not specifically include UBI, Earle said.
How To Return A Paper Check You Have Not Cashed Or Deposited
If youre one of those folks who has to send the money backand you havent cashed or deposited your check yetheres what you need to do:
- Write Void in the endorsement section of the check, but dont fold or staple itdont even put a paper clip on it.
- On a sticky note or sheet of paper, write down the reason youre sending the check back.
- Mail the check and the explanation back to your local IRS office .
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Fourth Stimulus Check Update: How To Get Another $1400 Direct Payment
Some Americans will be eligible for a $1,400 stimulus check this year even if Congress doesn’t pass any legislation for another round of checks.
Republicans and Democrats fought hard over the issue of stimulus checks after passing the first round in 2020, so most Americans have already received all the money they’re likely to get. However, some Americans will be able to claim additional payments when they file their taxes and they could be eligible for the full $1,400 payment.
One way Americans could be eligible for a full $1,400 payment is if they had a child in 2021. Why? Because the 2021 Economic Impact Payments were based on a person’s 2020 or 2019 return. So, any eligible dependent that came into the family last year wouldn’t have been included in the payment amount.
Those who have a child who qualifies for the Recovery Rebate Credit can claim the dependent when they file their 2021 tax return this year. To be eligible, the child must be under 19 at the end of the year unless they’re a student and a child, brother, sister, foster child, stepsibling, half-brother or half-sister or a descendant of any of them.
Unlike the first two rounds of payments, which limited dependent eligibility to just children, the third stimulus check made accommodations for dependents of all ages. So, a person who adds a parent or grandparent or another eligible dependent to their household could also be eligible for a $1,400 payment.
What Should You Do With Your Third Stimulus Check
Lets be real: Three stimulus checks in a year is not normal. This third payment can go a long way to help you catch up on bills, pay off debt, or build up your savings. And for a lot of folks, those stimulus checks have kept food on the table. In our State of Personal Finance study, we found that 41% of people who got a stimulus check used it to pay for necessities like food and bills.
So, based on your situation, heres where you start:
If youre out of work or missing a paycheck, use this stimulus money to protect your Four Walls:
Focus on the necessities so you can have peace of mind as you keep looking for work or get your income back up. That means if youre working the Baby Steps and youre out of work, pause your plan for now. Pile up cash until you have a steady income again. Then you can attack your debt. Theres nothing like fighting through a financial crisis to light your fire to be debt-free as soon as possible!
On the other hand, if your job is safe and you feel like itll stay that way, use your stimulus money to build momentum on whatever Baby Step youre on. Put your debt snowball into overdrive. Knock out your fully funded emergency fund . Or talk to your investment professional about giving your retirement a big boost !
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As Of Now A Fourth Stimulus Check Is Unlikely
Recently, calls have circulated online for a fourth stimulus check to be approved, with many saying that although the payments have stopped, the pandemic clearly hasnt.
Over three million people have signed a Change.org petition calling for recurring $2,000 payments for adults and $1,000 payments for children until the pandemic ends.
But no such payment has yet been approved, IRS spokesperson Eric Smith told USA TODAY.
This isnt the first time people have posted misinformation about fourth stimulus checks. Similar posts also circulated in May and of 2021.
Fact check:False claim that image shows salaries of government officials and service members
Analysts have their doubts about whether a fourth stimulus check is likely to be approved.
CBS News wrote on Jan. 31 that the Biden administrations focus on infrastructure to spur economic growth combined with criticisms that the previous stimulus contributed to ongoing inflation have lowered the odds of another cash infusion.
Are We Getting Another Stimulus Check In 2021
Whether we get another stimulus check in 2021 depends on how much momentum the proposals for more checks gain.
There are still some people who’ve not yet received the third stimulus check, but we’ve got a handy guide for what to do if you’re missing your stimulus check payment. It’s worth checking if you’re eligible for most recent stimulus check as it’s worth up to $1,400 per person.
The IRS has reported that taxpayers whose direct-deposit information is on file should have seen their payments reach their bank accounts in April. Those who are waiting on paper checks and debit cards can expect to receive their funds in the coming weeks.
If you have received the third stimulus check and feel it’s too low, then take a look at our guide to the stimulus check calculator as that can show you what your own eligibility looks like. Keep in mind that there are a few factors that will affect the amount you are due or have received.
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Fourth Stimulus Check: Will Congress Say Yes To Another Payment
Its now been two months since the third round of COVID stimulus checks began hitting Americans’ bank accounts. Thats a long time to get by on $1,400, especially if youre still out of work because of the pandemic.
Milliions of Americans say the government needs to continue providing direct relief payments until the crisis is no longer throttling the economy. That group includes everyday folks and some of the countrys most influential politicians.
The White House says stimulus checks “are not free,” and that it’s up to Congress to decide whether to provide more of them. Will House Speaker Nancy Pelosi and her fellow lawmakers give you a fourth stimulus check? Here’s what we know.
Why A Fourth Check Is Unlikely
U.S. House Republican Whip Steve Scalise said there shouldnt be more stimulus payments because theres already so much money still unclaimed.
- Theres over a trillion dollars of money unspent from previous relief bills … still sitting in a bank account, he said on ABCs This Week.
Paul Diego Craney, spokesman for the MassFiscal Alliance, told The Boston Herald something similar.
To me it means if people wanted to get those checks, theyd find a way to obtain them, he told The Boston Herald. What is fairly clear is Massachusetts needs to open up 100% and get back to normal.
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Why Is The Irs Not Going To Release A 4th Stimulus Check In 2022
There have been three federal stimulus checks, but a fourth isn’t coming
- Stimulus Checks.New Stimulus Bill 2022: When are new payments coming?
The US federal government responded to the coronavirus pandemic by sending out stimulus checks to help low-income and medium-income Americans, with one stimulus check of $1,200 in April 2020, another stimulus check of $600 in December 2020 and then a third stimulus check of $1,400 in March 2021. However, a fourth stimulus check it not likely to be on the way.
So, why won’t there be a fourth stimulus check? Well, there are a variety of reasons and we outline the government’s arguments against a fourth stimulus payment being sent out through the Internal Revenue Service .
How Will You Receive The Third Stimulus Check
Most people have gotten their previous stimulus checks by direct deposit with the bank account on file with the IRS. Payments were automatic for anyone who filed a 2019 tax return and/or receives Social Security benefits. If you dont have direct deposit with the IRS, your payment would take a little more time and come as a check or debit card in the mail.11
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Unemployment Expected To Fall To 3 Percent
The US economy has been going gangbusters, recovering much faster than after the Great Recession. With covid-19 vaccine shots in their arms, Americans began venturing out once again driving up demand and hiring. This led to the most jobs gained on record in one year with the US adding 6.4 million in 2021.
The current unemployment rate of 4 percent though is still above the pre-pandemic level when it was 3.7 percent. And for all the jobs that were added there still remains a nearly similar number of Americans unemployed. However, the St Louis Fed President Jim Bullard predicts that it could , a level that could mean the economy is overheating.
St. Louis Fed President James Bullard sees the U.S. unemployment rate falling below 3% this year, a jobless rate the country last saw in the early 1950s, he told in a conversation on Twitter Spaces 1/3
How Many Stimulus Checks Have There Been
Three stimulus checks were approved between March 2020 and March 2021 to provide financial support to Americans struggling during the coronavirus pandemic.
- $1,200 in the first stimulus check, plus $500 for dependents under age 17, sent in spring 2020
- $600 in the second stimulus check, plus $600 for dependents under age 17, sent in December 2020 and January 2021
- $1,400 in the third stimulus check, plus $1,400 for dependents of all ages, sent in March and April 2021
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