How much is the most recent stimulus check?
The most recent stimulus check, also known as the third round of Economic Impact Payments, was authorized by the American Rescue Plan Act of 2021. This round of payments aimed to provide financial relief to individuals and families affected by the ongoing COVID-19 pandemic. The amount of the stimulus check varied depending on several factors, including filing status, age, and dependent children. Let’s delve into the details of the most recent stimulus check and how much it was worth.
Amount of the most recent stimulus check
The amount of the most recent stimulus check was determined based on the following criteria:
1. Single filers: Eligible individuals who filed as single received $1,400.
2. Married filing jointly: Couples who filed a joint tax return received $2,800.
3. Head of household: Those who filed as head of household received $1,800.
4. Dependent children: An additional $1,400 was paid for each qualifying dependent child under the age of 17.
5. Non-filers: Individuals who did not file a tax return in 2019 or 2020 and did not receive a previous stimulus check were eligible for a payment of $1,400.
It’s important to note that the amount received may have been reduced for individuals with higher adjusted gross income (AGI). The reduction began at an AGI of $75,000 for single filers, $112,500 for heads of household, and $150,000 for married couples filing jointly. The reduction was phased out completely for individuals with an AGI of $80,000, $125,000 for heads of household, and $160,000 for married couples filing jointly.
Eligibility and distribution
To be eligible for the most recent stimulus check, individuals had to have a Social Security number and a qualifying U.S. bank account. The IRS used the information from the 2019 or 2020 tax returns to determine eligibility and distribute the payments. For those who did not file taxes, the IRS used information from the Social Security Administration, the Railroad Retirement Board, or the VA to identify eligible individuals.
The IRS began distributing the most recent stimulus checks in March 2021 and continued through the summer. The majority of eligible individuals received their payments via direct deposit, but paper checks and debit cards were also used for those who did not have a bank account or whose direct deposit information was not on file with the IRS.
Impact and future stimulus checks
The most recent stimulus check provided much-needed financial relief to millions of Americans during a challenging time. The payments helped individuals cover expenses such as rent, utilities, and groceries, and also supported the economy by increasing consumer spending.
As the pandemic continues to evolve, there is ongoing discussion about the possibility of additional stimulus checks. The Biden administration and Congress are considering various proposals to provide further financial assistance to Americans, but the specifics of any future stimulus checks remain uncertain.
In conclusion, the most recent stimulus check was worth $1,400 for eligible individuals, with additional payments for dependent children. The distribution of these payments aimed to provide much-needed relief to those affected by the COVID-19 pandemic. As the situation continues to evolve, Americans remain hopeful for further financial support in the form of additional stimulus checks.
