Stimulus check refers to payments given to taxpayers by the US government. These are intended to help eligible individuals in terms of financial aspects as well as to improve the flow of the economy within the country. By giving eligible individuals the money, there will be an increase in revenue within manufacturers and retailers, thus improving the country’s economic status.
Stimulus checks are implemented partly with the CARES Act of 2020 and the American Rescue Plan just established this March 11, 2021.
The Internal Revenue Service or the IRS is now mailing notice 1444-C to qualified individuals who received the third economic impact payment. People who received the mail are advised to keep the letter along with their 2021 tax records. You can also check updates on your payment by using the IRS Get My Payment tool.
According to the bill that President Biden recently signed, eligible citizens who may receive stimulus checks can be under any of the categories below:
Take note that people who have a greater amount earned compared to the amounts mentioned above mean the amount of payment will be lesser. Thus, higher-income households might not be able to avail of stimulus checks.
The third round of stimulus checks to be issued to eligible individuals is 1,400 US dollars, while couples who have filed joint taxes will receive 2,800 US dollars of stimulus checks. Moreover, adult dependents can also receive 1,400 US dollars in stimulus checks. This means that a household that has four eligible members for stimulus checks will receive a total of 56,000 US dollars.
The IRS is currently issuing the third round of stimulus checks to qualified individuals. The IRS issues payments each week as they process the citizens’ income tax returns for this year. Usually, the payments are sent to individuals via direct deposit or debit card. The IRS will notify you via mail if the payment is already sent to your account.
Hence, if you received a 1444-C notice mail from the IRS, it’s time to check your account or debit card to see your updated balance.
After the government released the third stimulus check to qualified individuals, many are hoping that there will be a fourth stimulus check to be issued as the holiday season is nearing. However, it is not yet certain that a fourth round will be pursued since it was not included in the reconciliation bill recently approved by the House of Representatives.
Fortunately though, if the current bill for the fourth stimulus check will be approved, the citizens can get their hopes high for the fourth time around. Just visit the IRS to keep yourselves up to date.
Can I Avail Plus-Up Payments?
The IRS is also issuing plus-up payments for qualified individuals who already received their third-round economic impact payment. You do not have to apply for plus-up payments since the IRS will automatically evaluate if you are eligible based on your 2020 income tax return.
Status and Amount of Payment
If you want to check the amount of the stimulus check you have received and the status of your payment, you can access these details by logging in to your IRS account. Don’t have an account yet? You can create one by visiting www.irs.gov/payments/your-online-account and ticking the sign-in option to get started.
If you do not wish to create an IRS account, you can view the amount of the stimulus payment you received in the 1444-C notice that was mailed to you.
Checking Status and Amount of First and Second Stimulus Check Payment
If you want to check the status and amount of the previous stimulus checks, you can access them through your IRS account or read the first two notices from the IRS: the 1444 notice and the 1444-B notice.
2020 Recovery Rebate Credit
If you have not been able to avail of the first and second economic impact payments or have been given less than the intended amount, you may be qualified for the 2020 recovery rebate credit. To avail, you should file for a 2020 income tax return using the Child-Tax Credit Non-Filer Sign-Up Tool of the IRS.
Take note that you don’t have to have a child to use this tool. Also, it is advised that you should file as soon as possible so that the IRS can have time to process your documents before the end of 2021.
If your payment is mailed to you, it might be due to either of the following:
• The bank did not accept the deposit;
• The bank information from your records is not valid; or
• The bank account was closed.
Take note that you can not change the bank information that is already filed for your economic impact or stimulus payment.
If your Get My Payment tool says so, it might be due to any of the following:
• The economic impact payment is not yet processed;
• The IRS has inadequate information to issue your payment; or
• You are not qualified to receive an economic impact payment.
Once the IRS receives your payment back, they will automatically reissue your payment. During this stage, your Get My Payment tool will say “need more information” for two to three weeks.
You can then provide your bank account information so that your payment will be sent as a direct deposit. If you were not able to provide your bank account info, the IRS will automatically reissue your payment when they receive an updated address.
Usually, married couples who have filed their tax return jointly will receive two separate payments. In this case, the first half can be issued via direct deposit while the second half can be issued via mail using the address from your tax return records.
For an individual taxpayer, the second half may be sent within the same week you have received the first half. Sometimes, it might also take several weeks to receive the second half of the payment. It is advised that taxpayers regularly check they are Get My Payment account to stay updated.
If you are currently seeing this statement in your Get My Payment account, it may be due to any of the following:
• The information that you submitted does not match the records of the IRS and you have reached 3 maximum attempts of submission; or
• You have already reached the maximum number of times of logging in (maximum log-in per day is 5).
In this case, you should wait for 24 hours to be able to access your account again.
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