Everything you Need to Know About the Latest Stimulus Checks: Eligibility and Payment Amounts

As the pandemic continues to wreak havoc on the global economy, governments around the world have been scrambling to find ways to mitigate its impact. In the United States, the latest stimulus package seeks to provide relief to those most affected by the pandemic. One of the most significant measures of this package is the stimulus checks, aimed to provide aid to struggling Americans.

In this blog, we’ll take a look at everything you need to know about the latest stimulus checks, including eligibility criteria and payment amounts.

Eligibility Criteria

The eligibility criteria for the stimulus checks are based on income levels. Individuals with an adjusted gross income (AGI) of up to $75,000 and couples with an AGI of up to $150,000 are eligible for the full payment of $1,400 per person. For those with higher income levels, the payment amount decreases, with individuals with an AGI of over $80,000 and couples with an AGI of over $160,000 being ineligible for any payment.

It’s important to note that individuals who receive any sort of unemployment benefits or have dependent children can also qualify for additional payments.

Payment Amounts

As mentioned earlier, the full payment amount for the stimulus checks is $1,400 per person. However, for those with dependent children, the payment amount can increase. With the latest stimulus package, eligible individuals can receive an additional $1,400 per qualifying dependent child.

For example, a married couple with two dependent children can receive a maximum payment amount of $5,600 ($1,400 x 4), provided they meet the eligibility criteria.

Distribution of Stimulus Checks

The distribution of the stimulus checks will be conducted by the Internal Revenue Service (IRS). For eligible individuals who have filed their tax returns for 2019 or 2020, the payment will be automatically deposited into their bank accounts. Those who haven’t filed their tax returns will need to do so to receive their payment.

The IRS has also set up a portal that allows individuals to check the status of their payment and provide their banking information if they’ve recently moved or changed their bank accounts.

Conclusion

The latest stimulus checks are aimed to provide much-needed relief to those hit hardest by the pandemic. As the eligibility criteria and payment amount distribution can be complex, it’s important to ensure you understand them fully to avoid any confusion. In summary, eligible individuals can receive up to $1,400 per person, with an additional $1,400 per qualifying dependent child. The distribution of these payments will be conducted by the IRS, and eligible individuals who have filed their tax returns can expect to receive the payment automatically.

Speech tips:

Please note that any statements involving politics will not be approved.