Get prepared for new stimulus checks. Time is of the essence. While the IRS hasn’t announced a date, if you pay your taxes by July 1, you’ll probably get paid by November 30. Some states are getting an extra $500 to $2,000 in group rewards to give them extra money. People who want this extra reward must file their taxes on time because the deadline is coming up. The IRS is trying to get them out faster, so check back for changes to the date of release.
What are the requirements to be eligible?
The upcoming return isn’t available to everyone because of things like taxes that were due in the past. For married couples reporting jointly, the highest adjusted gross income (AGI) is $150,000. For heads of households, it’s $112,500, and for people, it’s $75,000. People who go over these limits may be able to get a partial payment, as explained in the piece. Even though there is doubt about how the fourth stimulus check will be distributed, people who are qualified need to stay informed. The government wants to improve the US economy, so making smart choices with these funds is in line with that goal. Stay tuned for news.
The IRS has sent out the first three Economic Impact Payments, and you can no longer use the Get My Payment app to keep track of them. People who didn’t get the full amount can use their 2020 or 2021 federal tax return to claim a recovery rebate credit. You can get to your IRS accounts online or look at letters to get the correct credit information. For help with getting the recovery rebate credit, talk to a tax agent or check out the IRS website. Know what you’re doing when you file your federal tax return.
READ MORE: Stimulus Payment: Which states will receive stimulus checks next week?
