A Timeline Of Past Stimulus Checks
The pandemic stimulus payments started nearly two years ago.
Stimulus checks were first deposited in the spring of 2020 when the COVID-19 pandemic was just beginning, driving up the unemployment rate and causing financial hardship for many. Individuals with income below $75,000 received $1,200 and couples earning below $150,000 received $2,400.
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The Trump administration then in December 2020 $600 per individual taxpayer, $1,200 per married couple and an additional $600 for each child under the age of 17.
A third round came under the Biden administration in March 2021, giving $1,400 per individual and $2,800 per married couple, along with $1,400 per dependent this time regardless of age.
How To Opt Out Of Monthly Child Tax Credit
If you dont want these advance payments, youll have to go through a few steps to opt out. But its pretty simple really. The IRS set up a Child Tax Credit Update Portal for you to opt out and make any changes.
Dont worryeven though the first payment has already gone out, its not too late to opt out of the advance Child Tax Credit payment. Actually, you have the chance to opt out each month. Really! You just have to do it at least three days before the first Thursday of the month.8 So if you want to opt out in September, make sure to opt out by August 30, just to be safe.
Pro tip: If youre married and filing jointly, then both you and your spouse need to opt out of the Child Tax Credit.
Stimulus Check Website: Do You Need To Sign Up
No, you do not need to sign up for your stimulus check. The government should have a record of how much you make each year based on your tax filings.
The IRS has thus far provided updates as to how many stimulus checks it has sent out, as well as the total amount of those checks.
88 million checks, $158 billionMay 8: 127.5 million checks, $217 billionMay 22: 152 million checks, $258 billion 159 million checks, $267 billion
The latest numbers do not include the $2.5 billion that the IRS sent to people living in U.S. territories.
If you’re a non-filer, you’ll need to take a few more steps to ensure you receive your check.
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Stimulus Check For Deceased: How To Return It
In several instances, the IRS has sent stimulus checks to people who are deceased. This week, the agency amended its FAQ page to direct taxpayers about what to do if you’ve received a payment for someone who has passed.
According the IRS, a check sent to a deceased person must be returned or repaid to the IRS, even if that person has died recently. Here is how to repay the stimulus check, even if you’ve already cashed it or you received it via direct deposit.
As for joint taxpayers, this is the IRS’s guidance: “Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000.”
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 Update
Biden’s American Rescue Plan Act, which created the third stimulus checks, did boost tax credits for most parents with children under 18, but only for the year 2021. Most parents and legal guardians will receive a tax credit of $3,600 for children under six, and $3,000 per child aged six through 17.
Half of that credit is coming in the form of monthly advance payments to parents beginning July 15 $300 per month for younger kids, and $250 for older ones. That’s similar to the monthly recurring checks that some legislators have called for.
The same law also retroactively exempted a large chunk of unemployment benefits paid out in 2020 from federal income tax. People who collected unemployment in 2020 and paid tax on it are getting thousands of dollars in tax-refund checks.
The American Rescue Plan Act also offers tax credits that cover all or most of the cost of a “Silver” health-insurance plan for six months under the Affordable Care Act, aka Obamacare. You’re eligible for this if you filed for unemployment benefits at any time in 2021, and if you don’t currently get health insurance through Medicare, Medicaid or someone else’s health plan.
Biden’s American Families Plan, which is separate from the American Jobs Plan, will seek to extend those tax credits, including the advance payments, through the end of 2025.
The American Families Plan would also mandate up to 12 weeks of paid parental leave and subsidies for childcare.
Fourth Stimulus Check Possible Timeline
Right now, there is no fourth stimulus check timeline or fourth stimulus check release date. Until legislation is in motion, we can’t say how soon more relief money might arrive. We can’t say whether more relief money is coming, at all.
That said, the third stimulus check timeline happened rather quickly following Biden’s inauguration Jan. 20. It only took a few weeks for Congress to debate his American Rescue Plan. Once the president signed the bill on March 11, $1,400 checks were put in motion.
The IRS can begin sending out possible fourth stimulus checks in the same manner it sent the previous stimulus payments. Since the framework is already in place, Americans could begin receiving the fourth stimulus checks about two weeks after a relief bill allowing another round of direct payments is approved.
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New $1400 Stimulus Check Coming Soon
Giving birth this year is the deciding factor, as far as who gets one of these new payments or not. Parents who welcome a newborn child at any point in 2021 are likely eligible for another stimulus payment, for $1,400, in 2022, according to both Fortune and Insider. They would get that check upon filing their federal taxes in 2022.
The way things stand now, what that also appears to mean is that parents would not only get that $1,400 check. But any parent who welcomes a newborn child in 2021 also likely qualifies for the temporarily expanded child tax credit. We say likely, because theres still an income threshold. Sorry millionaires, not you!
As weve explained on numerous occasions now, the latter was made possible by the $1.9 trillion stimulus law from earlier this year. However, depending on when the child is born such as if its in late December? For those parents, it would be too late to have this years monthly child tax credit checks reflect that change. In which case, the parents would get the money next year, after filing their taxes in 2022.
Stimulus Check Scams And Hoaxes
Of course, popular demand for widely distributed stimulus payments, and the confusing political maneuvering that goes into crafting stimulus bills, creates an information gap that’s easily exploited by scammers.
Even with the first wave of stimulus checks in 2020, we saw bogus email messages that pretended to be from the IRS, promising “an important update on your Covid relief fund.” But they just took you to phishing sites that wanted your Social Security number and other sensitive bits of information.
Following the second stimulus bill at the beginning of 2021, those email phishing attempts were joined by scam phone calls demanding your personal details so that you could be “cleared” to receive more stimulus checks.
In March, as President Biden’s American Rescue Plan was making its way through Congress, new phishing emails promised the moon: a $4,000 stimulus check, a boost in the minimum wage, free meals and, best of all, priority treatment that let you skip lines at COVID-19 vaccination sites.
Most recently, cruel pranksters have been passing around posts on Facebook that a fourth stimulus check worth $2,500 is coming by the end of July. Don’t believe it, and don’t believe the phishing websites that claim to register you for child-tax-credit advance payments.
In fact, most parents and legal guardians don’t need to do anything to get the payments they’ll just show up in your mailbox or bank account.
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Stimulus Check Direct Deposit: It Passed So What Now
By setting up direct deposit for your stimulus check youll get your check much faster than if you wait for it to come via snail mail. However, if you haven’t set it up already, it’s too late now. You’ll need to wait on the mail for your check.
Mailed checks will start arriving later in May and into June. If a second round of stimulus checks happens, direct deposit might open up again.
Who Is Eligible For A Third Stimulus Check
Some people may or may not be eligible for receiving a stimulus check. Among people that can expect this check include:
- Individuals with an $80,000 AGI or less
- Head of household with a $120,000 AGI or less
- Couples filing jointly with a $150,000 AGI or less
- Dependents of every age, if the guardian qualifies
- Families with mixed US citizenship
- US citizens who live abroad
- Citizens living on US territories
- VISA holders
- Incarcerated people
- Non-citizens that pay taxes
Most people living in the US can indeed be expected to receive a stimulus check, provided they have US citizenship, have a visa, or at least pay U.S. taxes. With that in mind, certain categories are disqualified from receiving a stimulus check and this will precisely help you determine whether you are eligible for receiving it as well or not.
Eligibility is based on your adjusted gross income, and the amount of money that you receive will be calculated on the same basis.
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How Long Will It Take To Get Your Money
The cash-for-kids difference between the House and Senate bills is one of many reasons the two sides of Capitol Hill are in negotiations over a final relief package.
They couldn’t reach a compromise last week and allowed an unemployment benefits boost that millions of people have been depending on to lapse as of Friday.
The federal government had been giving out-of-work Americans an additional $600 a week, on top of their state benefits. The House voted to keep those emergency payments going through the end of January, but the Senate wants to cut the bonus benefits by $400, to $200 per week.
The next deadline for lawmakers is the upcoming Friday Aug. 7 when Congress is scheduled to break for its summer recess. Getting a deal sealed by that date could still allow the IRS to begin distributing new $1,200 stimulus payments by the end of August.
“The presidents preference is to make sure that we send out direct payments quickly so that in August, people get more money,” Treasury Secretary Steve Mnuchin has told CNBC.
But if there’s no agreement before the recess, the legislation would have to wait until early September, and stimulus checks wouldn’t start going out until the end of September at the earliest.
Don’t Throw Away The Irs Letter About Your Stimulus Payment
Hold on to that IRS letter that confirms your stimulus payment, including giving the amount and how the IRS sent your money. That letter from the IRS — Notice 1444-C — is your proof that the IRS sent a payment in case you don’t actually receive it or if you received less than you qualify for and need to claim the missing amount later. Here’s more on what to do with that IRS letter.
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Stimulus Payment Schedule: When Are New Payments Coming In 2022
A look at some of the key dates for stimulus spending
- 4th Stimulus Check.When will SS beneficiaries receive a $1,400 payment?
With 2021 having become 2022, Americans are wondering if they’ll receive a new stimulus check to start the new year. There are indeed some new stimulus checks, but there aren’t plans for a new nationwide rollout of stimulus checks, as was seen at the start of the pandemic.
The main talk in the USA right now concerns a $1,400 stimulus check. While most people have already received their full stimulus check payment, those who had eligible children in 2021 are able to claim this Recovery Rebate Credit on their next tax return.
Then, there are some states offering stimulus checks to help boost the local economies, with the likes of California, Connecticut, Florida, Georgia New York and Tennessee having organised such legislation in 2021.
Looking into 2022, we’ll outline here what the key dates are in terms of the 2022 stimulus payments.
What Was The Timeline For The Third Stimulus Check
Once the bill moved through all the hoops, eligible people started seeing their stimulus payments before March was over.5 The IRS and U.S. Treasury have been quick with delivering past stimulus checksDecember 2020s payments reached most folks by direct deposit within a week of then President Donald Trump signing the legislation.6
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Stimulus Checks: Where Do We Stand On More Payments
There was no timeline given on if and when the legislation would be considered or how long it would take to implement the new programs if the bills were to be approved.
Congress is in recess through the middle of September. And when lawmakers return, theyll likely continue working on a $1 trillion bipartisan infrastructure plan and a $3.5 trillion budget plan for bolstering family services, health, and environment programs.
The White House and leaders in Congress have not given any indication a fourth payment will be approved, and theres been little other movement aside from online petitions and letters from lawmakers to President Joe Biden.
A change.org petition that was started more than a year ago by a restaurant owner calling for targeted stimulus money has gotten over 2.8 million signatures. The petition calls for payments of $2,000 for each and $1,000 for each child until the pandemic is over.
Meanwhile, several Democrats have written letters to Biden asking for more relief. Some of those letters reportedly advocated for multiple rounds of stimulus checks until the economy rebounds.
But the Biden administration has signaled the president was focused on putting people back to work rather than short-term relief.
What If I Havent Gotten My Payment Yet
First, go ahead and check the IRS Portal to see what the status is of your payment. You can see if its been processed and is taking longer to get to you. While youre there, look and see if your payment is coming by mail or direct deposit. If its coming by mail, that could be why its taking longer. If youre expecting the payment to hit your bank account through direct deposit, double-check to make sure they have your correct banking info.
If things still dont make sense, then you can submit something called a payment trace to the IRS . But make sure you give it at least five days after the date you were expecting to get the payment in your hands.
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Can You Track Your Stimulus Online
Considering that not everyone receives their money at the same time, the need for a tracking system is also understandable. With that in mind, todays technology makes it very easy for you to track your stimulus online. This is why the IRS set up Get My Payment last week so that you can see exactly where your payment is at.
With this tool, you may see precisely when your stimulus check is supposed to arrive whether you are supposed to get it in your bank account or the mail. This tool will also tell you whether there is an issue with the pending payment or not. This will give you time to address it so that you may receive the payment in the end.
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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How To Track Your Stimulus Check Online
With the IRS Get My Payment tool, you can get a daily update on your payment status. The online app can also alert you with a message if theres a problem with your payment that you may need to address. Another option is to create an online account with the IRS, if you havent already.
If you get sent a plus-up payment after your 2020 tax return is processed, the amount of your third payment will no longer show up in the tool, according to the IRS. In that case you will only see the status of your plus-up payment.
If you expect your payment to come in the mail, you can use a free tool from the US Postal Service to track your mailed stimulus payment.