Are you wondering if there will be a fourth stimulus check? This guide covers everything you need to know about its possible release, confirmation status, and who might be eligible.
What is the Fourth Stimulus Check?
Stimulus checks are one-time payments given to Americans to help during tough times, like the pandemic. Three stimulus checks have been issued so far, with the first in 2020 and the last one in 2022. With the rising cost of living, many people hope for a fourth stimulus check.
Current Status of the Fourth Stimulus Check
Right now, the fourth stimulus check has not been officially confirmed. Economic problems like inflation and a technical recession have slowed things down. There is a proposal for a fourth stimulus check, but it depends on the allocation of funds for the new fiscal year.
Some states are considering giving out their own versions of the stimulus check. With the new fiscal year coming up, state authorities are talking about how to provide this financial relief. If approved, residents in these states could get their payments soon.
Key Details About the Fourth Stimulus Check
- Name: Fourth Stimulus Check Payment Confirmation
- Country: USA
- Responsible Administration: Internal Revenue Service (IRS)
- Aim: To provide financial assistance to taxpayers
- Amount: Expected to be between $200 and $1700
- Expected Date: To be released in the upcoming months
- Official Website: irs.gov
Amount of the Fourth Stimulus Payment
The first three stimulus checks were $1400 each. Due to the rising cost of living, the fourth stimulus check might be higher, around $1700. The council is discussing amounts ranging from $300 to $1800, depending on state approvals. Currently, only 9 out of 14 states have approved its distribution. Residents of these states will be notified about the disbursement date by their regional authorities.
Eligibility Criteria
To get the fourth stimulus check, you need to meet certain requirements:
- Residency: Must be a permanent resident of the USA.
- Income Limits:
- Families: Adjusted gross income (AGI) should be below $150,000.
- Individuals: Annual income should be below $75,000.
- Tax Returns: All pending tax returns must be filed before the disbursement.
- Dependents: Children under 17 years will receive additional support.
- Social Security Number: Required to receive the benefit. This number is issued during registration for SSI and SSDI benefits.
Partial Benefits
If you earn slightly above the AGI, you can apply for partial benefits. For every $100 above the AGI, the benefit amount will be reduced by $5.
Partial Benefit Calculation
| Income Above AGI | Benefit Reduction |
|---|---|
| $100 | $5 |
| $200 | $10 |
| $300 | $15 |
| $400 | $20 |
For example, if your income exceeds the AGI by $400, your stimulus check will be reduced by $20.
The fourth stimulus check is still under consideration and not officially confirmed. State authorities are discussing its distribution, and some states might approve it soon. Eligibility focuses on residency, income limits, tax returns, dependents, and having a Social Security number. While the exact amount and date are still uncertain, the anticipated range is between $300 and $1800, providing crucial financial support amid economic challenges.