Will there be a fourth stimulus check? | The Sun

PRESIDENT Joe Biden is yet to approve another round of federal stimulus payments – but many Americans are hoping it'll happen.

As of December 2021, the IRS had issued stimulus checks worth $400billion under the third round package.

These were worth $1,400 per person.

Since then, various petitions trying to convince lawmakers to send citizens a fourth stimulus check continue to circulate.

As inflation wreaks havoc on American wallets, 64% now find themselves living paycheck-to-paycheck, a report from LendingClub shows.

Additionally, hourly pay isn't keeping up with the latest reported 9.1% inflation rate.

Read more on stimulus

How do I claim my stimulus check? Step by step guide

How many stimulus checks have been issued?

The government has so far issued three rounds of stimulus checks.

The first "economic impact payment" was worth up to $1,200 and given to low-income households in 2020.

This was then followed by a second payment worth up to $600 at the beginning of 2021.

By December 2021, the IRS had then sent a third round of cash support worth $1,400 each to 175million people.

Most read in News Money

Will there be a fourth stimulus check?

Sadly, it appears unlikely.

Dozens of lawmakers have pushed for recurring stimulus payments, but any hope was sidelined when lawmakers focused on the Build Back Better Act.

The social spending plan stalled in Congress late last year.

Congress has since moved on to other issues and, currently, no talks about stimulus money are on the table.

It means Americans shouldn't expect to get a fourth check.

Who qualified for the third stimulus check?

Qualifying Americans got the maximum payment as long as their income was $75,000 and below, or $150,000 for couples.

Past those thresholds, the $1,400 check started to phase out.

It was then capped out at $80,000 and $160,000 respectively.

How to find out if you're owed one

A report published in March by the Treasury Inspector General for Tax Administration found that more than 645,000 were missing out on stimulus payments, as of mid-September.

This includes the following, along with the number of people in each group who failed to get their payments:

• Those with an Individual Taxpayer Identification Number (ITIN) who have a qualifying dependent – affecting 419,822 individuals
• Unemployment benefit exclusion eligibles – affecting 133,578 individuals
• Those falsely marked as a resident of a US territory – affecting 51,639 individuals
• Those with filing changes or had an unresolved condition on their tax account – affecting 39,666 individuals

If you fit in these categories or believe you are entitled to more stimulus money – there’s an easy way to check.

By now, Americans should have gotten up to two important letters regarding stimulus and child tax credit payments in 2021. 

The letter “6475,” relating to stimulus payments, helps determine whether or not you can claim the recovery rebate credit on your 2021 tax return.

Moreover, the letter details how to claim the money when you file. 

If you haven’t received a letter or thrown it away by mistake, there are other ways you can check and see how much stimulus money you got. 

You can check your bank statements from last year and see how much has been deposited or you can sign in to your online account and click on the “economic impact payment information” section on the tax records page.

Moreover, parents can use the IRS’ child tax credit portal to view payments on their online accounts.

But if you aren’t sure, consult with a tax professional for help, as filing with errors could lead to delays.

Read More On The Sun

Zach Wilson’s mom hits gym & slams claim she’s cashing in on son’s ‘hook-up’

Heartbreaking plea of mom’s son, 12, who ‘wants her home’ after she vanished

The deadline to file taxes penalty-free was April 18.

However, you could have gotten an extra six months until October if you requested an extension.

Source: Read Full Article