While COVID19 has troubled every individual, both financially and emotionally, the government has tried its best to help in such uncertain times. In a recent press release, the IRS offered the details of the annual report highlighting the efforts made in 2021 in terms of the Economic Impact Payments Or Stimulus Checks.
So, let us check the completed three rounds and the left out one.
First Round Of Stimulus Checks- April 2020
Under the CAREs Act, the first round of Stimulus Checks was made where the eligible tax-paying adults received a check of up to $1200 and eligible dependents under 16 years received $500 each for three dependents.
The payments were made to those earning under the income of:
- Adjusted gross income of individual at $75000, OR
- Same for couples filing jointly is around $150000.
The first set of payments in the form of stimulus checks was made to the bank accounts over 11-12 April 2020. Also, the Economic Impact Payment Cards were sent out from late May to June last year.
Second Round Of Stimulus Checks- December 2020 To January 2021
This is the second round of aid which amounted to around $900 billion and was a part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. It provided a one-off check of $600 while the households could claim an additional $600 for every dependent child under 16.
The entire amount of the stimulus check was offered to those who earned under $75000 in the 2019 tax year. While others earned a little less amount and the maximum phase-out limit was $87000. All the payments, including the EIP 2 Cards, were made between 29 December 2020 to 15 January 2021.
All those who failed to get the stimulus checks could claim the amount under IRS using the Recovery Rebate Credit.
Third Round Of Stimulus Checks- March 2021
Biden signed the $1.9 tn American Rescue Plan on March 11. All the eligible taxpayers were offered stimulus checks of up to $1400 and a maximum of $2800 for couples filing jointly. An additional amount of $1400 was paid per dependent regardless of age.
Those who failed to get the EPI3 can claim the amount in their tax return filing in Spring 2022.
The Next Is Here
The fourth Stimulus Checks are under consideration. Though confirmation is yet to come, the positive wave of the fourth check is rising high. As the economy continues to recover, this will surely be a booster for all.