Are you eagerly waiting for the stimulus check to land in your bank account? The much-anticipated relief package, known as the American Rescue Plan Act of 2021, has been signed into law and promises relief for millions of Americans who have been struggling financially due to the ongoing COVID-19 pandemic.
In this ultimate guide, we will break down the facts, figures, and eligibility criteria for the stimulus check, to help you understand how this relief package can benefit you.
What is the Stimulus Check?
The stimulus check is a one-time payment of up to $1,400 per person, designed to provide financial relief to individuals and families affected by the pandemic. The payment is part of the third round of stimulus payments authorized by the federal government, following the $1,200 and $600 payments issued in 2020.
Who is Eligible for the Stimulus Check?
To be eligible for the stimulus payment, you must meet the following criteria:
• You must be a U.S. citizen, permanent resident, or qualifying resident alien
• You must not be claimed as a dependent on someone else’s tax return
• Your adjusted gross income (AGI) must be less than $75,000 for individuals, $112,500 for heads of household, and $150,000 for married couples who file jointly. The payment amount will gradually phase out for those with higher income levels, with no payment for individuals earning $80,000 or more, heads of household earning $120,000 or more, and married couples earning $160,000 or more.
How Much Money Will You Receive?
The payment amount will vary depending on your income level, marital status, and number of dependents. Here’s a breakdown of the payment amounts:
• Single filers with AGI up to $75,000 will receive a payment of $1,400
• Married couples filing jointly with AGI up to $150,000 will receive a payment of $2,800
• Heads of household with AGI up to $112,500 will receive a payment of $1,400
• For every dependent claimed on your tax return, you will receive an additional $1,400 per child
How Will the Stimulus Check be Delivered?
The stimulus payment will be delivered either by direct deposit or mail, depending on how you received your previous tax refund or payment. If the IRS has your direct deposit information on file, the payment will be deposited directly into your bank account. Otherwise, you will receive a paper check or a prepaid debit card in the mail.
What Should You Do If You Haven’t Received Your Stimulus Check?
If you haven’t received your stimulus payment yet, don’t worry. The IRS is still in the process of distributing the payments, so it may take some time for everyone to receive their payment. However, you can check the status of your payment on the IRS website using the “Get My Payment” tool.
Conclusion
The stimulus check can provide much-needed relief for individuals and families who have been struggling financially due to the pandemic. By understanding the facts, figures, and eligibility criteria outlined in this ultimate guide, you can ensure that you receive the full amount of payment you are entitled to. Whether the payment is used to pay bills, cover expenses, or save for the future, it can make a significant difference in your financial well-being.
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