This August, the IRS will automatically issue stimulus checks up to $1,390 to eligible Americans. While there have been rumors of a supplemental $2,000 stimulus check, officials have made it clear there are no plans for additional payments other than the current dispensation. Recipients are eligible as long as they have filed their most recent tax returns and remain within specific brackets: individual earners up to $75,000, married filing jointly up to $150,000, and head of household up to $112,500.
Those eligible and who missed stimulus payments previously may still claim a Recovery Rebate Credit of $1,400 per individual by filing their 2021 tax return by the approaching deadline. Notifications are being sent to individuals, and the IRS is making these payments automatically where possible.
Through Which Methods Will You Receive Your Stimulus Check?
According to the IRS, stimulus payments will be disbursed via direct deposit, mailed checks, or EIP debit cards based on their records. Most payments are expected to be processed between the end of August and September. Only the IRS and certain trusted portals are allowed to check the payment status due to the risk of scams and false information.
What You Should Know Concerning the Stimulus Payments
Even though the payment helps greatly, people are advised to be on the lookout for social media scams claiming there are extra payments or checks available. As the IRS has stated, there has been no new law passed that allows the issuance of additional stimulus payments, other than those which are already distributed. If payments are confirmed missing or unaccounted for, IRS tools, and professional tax advisors should be the only reliable resources.
The most recent stimulus check functions as a crucial lifeline for the most economically vulnerable members of society. During these unpredictable times, it allows the most disadvantaged individuals to shoulder some burdens. While ensuring that payments are processed optimally, it is equally as important to defend one’s own payments and information.
The current economic climate is undeniably very difficult for a majority of the population, prompting the government to introduce these stimulus payments with the intention of mitigating some of these burdens. Residents need to remain vigilant, as payments may be generated without them realizing and claiming the payments in a timely manner is essential to avoid wasting government resources. Sensitive government resources should only be claimed through the IRS and information should be sourced only from the IRS to avoid scams.