What Is a Stimulus Check?
A stimulus check is a check sent to a taxpayer by the U.S. government. Stimulus checks are intended to stimulate the economy by providing consumers with some spending money. Taxpayers receive this money because it’s intended to boost consumption and drive revenue at retailers and manufacturers, spurring the economy.
Who qualifies for stimulus check
What states are getting a 4th stimulus check?
When can I expect my next stimulus check?
Stimulus calculator: How much could your payment be?
What do I do if I didn’t receive my stimulus check?
What else should I know About Stimulus Checks and Packages
- If you owe back taxes or child support, you’ll still get an IRS payment if you otherwise qualify. In this round, if you owe child support, your check will not shrink.
- If you haven’t filed a tax return in the last few years, the IRS may not have your current information and bank account details.
- If you don’t qualify now, you might still get a break later. If your 2020 tax return shows you “made too much” to qualify for this third stimulus check, you may not get a payment now even if you lost your job or income in 2021. However, you might be made whole later (and don’t forget about filing for unemployment in the meantime). That’s because these IRS payments are technically an advance on a 2021 tax credit that’s available all year. So if your adjusted gross income in 2021 ends up being under the limit or you add a dependent, you might be able to claim a stimulus check on your taxes via the tax credit (or more of the tax credit) when you file your 2021 tax return (the one due in April of 2022).
- When it comes to the age limit for dependents, the legislation leans on the existing rules for claiming tax dependents. Under those rules, adult parents and college students you financially support might qualify under certain circumstances.
- Watch your mailbox and your bank account. For the last two rounds of stimulus checks, the U.S. Treasury sent people letters in the mail after it disbursed money to them. Those letters indicated how the payment was made, how much it was for and provided an IRS phone number for questions.