ProTimeHub — Stimulus check The American Bailout Plan Act of 2021, passed in early March of that year, introduces Economic Impact Payments aimed at providing financial assistance to eligible individuals and families. Under this plan, qualifying individuals can receive up to $1,400, while married couples filing jointly are eligible for a maximum of $2,800. Additionally, an extra $1,400 is allocated for each qualified dependent, including adult dependents.
Notably, the American Bailout Plan broadens the scope of direct financial relief to U.S. families by extending payments to all qualified dependents in a family, beyond the previous limitation to qualified children under the age of 17.
The criteria set by the White House specify that the $1,400 payments per person are targeted at single individuals earning less than $75,000 annually, heads of households earning less than $112,500, and married couples filing jointly with a combined income below $150,000. This initiative aims to provide crucial financial support to those most in need.
Do I qualify for a stimulus check?
Qualifying couples can receive a maximum stimulus payment of $2,800 under the American Bailout Plan Act of 2021. However, joint returns for mixed-status families, where only one valid identification number (Social Security number used for tax filing) is available, are capped at $1,400. Joint returns lacking valid identification numbers for both spouses are not eligible for this program.
Individuals earning up to $80,000 will receive partial payments, but married couples earning more than $160,000 annually are not eligible for stimulus payments. Notably, those with dependents, including college students and seniors claimed as dependents, will receive an additional $1,400 per person.
It’s important to highlight that the Inland Revenue Service (IRS) does not consider stimulus checks as taxable income. Therefore, recipients are not required to report the money on their federal income tax return or pay income tax on the stimulus check.
It’s also worth noting that even if you owe taxes, you may still qualify for a stimulus payment. The IRS does not use the stimulus payment to offset federal or state tax debts, unlike its normal procedure with tax refunds.
How do I claim my payment if I have not received it?
To track the status of your payment, you can use the ‘Get My Payment’ section on the IRS website portal. This feature allows you to monitor the progress and details of your stimulus payment.
For further information and additional updates, the IRS website will be regularly updated. A comprehensive factsheet, addressing common questions and concerns, will also be available on the website to provide more detailed guidance. It is recommended to check the IRS website for the latest information and resources related to the stimulus payment program.
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