Stimulus check eligibility

Things one should know for Stimulus check eligibility in 2021

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Every one is aware of Stimulus check program of Biden Government, you need few more information to understand your Stimulus check eligibility

Stimulus check eligibility
Stimulus check eligibility

On Dec. 29, the IRS finally starts 2nd round of Economic Impact Payments, Better known as stimulus checks.

First of all who will be really going to be qualify for stimulus check?

The new Covid-relief legislation currently provides a maximum $600 payment for qualifying individuals. U.S. citizens and resident aliens who meet income requirements and who cannot be claimed as a dependent on another person’s tax return. For stimulus check government is going to consider your income of 2019 of course. So Individual person earning Adjusted Gross Income (AGI) below $75K, and has have house hold property below $112,500 are going to qualify for the full $600 stimulus payment, Married couple if applying together or surviving spouses earning under $150,000 qualifies for $1200.

If you exceeds the income requirement criteria set for stimulus check eligibility, you still be able to get reduced stimulus payment, but once you reach the income limit of $87,000 AGI for individual and $174,000 AGI for couples filing jointly.

What about Qualifying Children?

People with qualifying children will get additional $600 per child. yet if the children are dependent and above 17 years of age then they are not qualified for the child payment.

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Adult Dependents:

Unlike the first stimulus payment, adults who are claimed as dependents on another person’s tax return (such as a college student) aren’t eligible for a second stimulus check. 

When Do Stimulus Payments Phase Out?

The payments will be reduced at the same rate as the stimulus payments from the CARES Act. However, because the payments are lower, the income levels at which they phase out is lower than it was for the CARES Act.

For individuals: Your stimulus check is reduced by $5 for every $100 you earned above the $75,000 AGI threshold. Stimulus payments phase out completely for this group at $87,000 AGI.

For married couples filing together: Your stimulus check is reduced by $5 for every $100 you earned above the $150,000 AGI threshold. Stimulus payments phase out completely for this group at $174,000 AGI. 

Best Part is, You Don’t Need To Claim Your Stimulus Check

The IRS stressed that there is no additional action required for eligible individuals. Eligible candidates who have filed their Tax in 2019. Will receive their stimulus payments automatically. Payments are also automatic for people who did not file tax for 2019 and received social security retirement. Survivor or disability benefits. (SSDI) Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs benefits. 

There is one more good news for people with low wage who do not typically earn enough to file a federal tax return. If you successfully registered with the IRS Non-Filers tool by Nov. 21, 2020, and you are eligible, your payment should be sent to you. 

How does your Payment reaches you?

If the IRS has direct deposit information on file for you, your payment will be received as an ACH transfer to that account. Many of you even have already started to receive your stimulus payments. If the IRS doesn’t have direct deposit information on file, your payment will be mailed as a check or debit card.

The method of payment for your first stimulus payment does not indicate anything about your second stimulus payment, If you received your first stimulus payment via debit card that does not mean you will receive debit card this time as well, you might got your payment via paper check. if you got paper check last time that does not mean you will get paper check for the second time, this is totally uncertain.

Stimulus check eligibility
Stimulus check eligibility

The IRS and Treasury department encourage you to keep a close eye on your mail starting in early January. Check your box regularly if it is unsecured, and go through mail box to ensure your payment does not get lost or trashed.

How to Check Your Stimulus Check Payment Status

The IRS offers a Get My Payment tool in English and Spanish to check the status of both the first and second stimulus checks. The tool is currently offline for updates, but is expected to be available within a few days. 

Keep an eye on the status of your payment to determine when and how your payment will arrive.

When Is My Stimulus Payment Available?

While many second stimulus checks are sent to bank accounts already, these payments are provisional or pending until the official date of payment on Jan. 4, 2021. This delay may seem unnecessary, but the official date in January ensures everyone receives their stimulus checks during the 2021 tax year. 

To speed the delivery process along, the Bureau of Fiscal Service, a division of the U.S. Treasury will send out a limited number of payments by debit card. While direct deposits are already turning up, checks and debit cards sent by mail will take substantially longer to process and arrive—the IRS and Treasury Department say that Get My Payment will be updated to reflect the date that your check or debit card was mailed, and it typically takes up to 14 days for you to receive the payment. 

If you didn’t get the full Economic Impact Payment(Even though you have stimulus check eligibility), you may be eligible to claim the Recovery Rebate Credit

All first and second Economic Impact Payments have been sent. Check your final payment status in Get My Payment section of official IRS website managed by US Government.

If you didn’t get any payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim the credit even if you don’t normally file.

What you supposed to do now?

Keep an eye on your bank account for a direct deposit. Go to Get My Payment after the new year to check on the status of your payment. If you moved or closed your bank account since your last tax filing, take a look at Where Is My Stimulus Check? When Will I Get It? for more information.

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