A fourth stimulus check has been proposed while the third stimulus checks make their way to eligible American households. The Joe Biden Administration continues to oversee the American Rescue Plan with their monetary support to rescue, recover and rebuild the country’s financial standing.
Fourth Stimulus Check
The approval for the fourth stimulus check depends on many factors. However, if passed, it might possibly look similar to the three previous waves. For reference, the first stimulus check released $1,200, the second was $600 and the third was $1,400 per eligible American. Each wave has a different eligibility requirement that is growing narrower, limiting eligible households who need the monetary support.
The most recent eligibility requirement from the third check makes up of people who earn no more than $75,000 a year on their tax returns, or couples earning less than $150,000 with their joint income.
Up to date, the fourth stimulus check is not yet approved by the legislation so it’s hard to estimate an exact date of release. However, from the timeline of the third stimulus check, a fourth stimulus check might take a week before being signed into a bill and another two weeks to process the payments before IRS could send them out.
Fourth Stimulus Check Legislation Movement
According to a recent government report, 21 senators wrote a letter to the White House urging the inclusion of stimulus checks in the next relief legislation. However, Tom’s Guide reported about economists who suggest that the country is moving past the pandemic’s worse financial problems. Biden Administration said that 85 percent of Americans have already received their third stimulus checks and the rest should be coming in anytime soon.
The report concluded that many American families should now be benefiting from their monetary support.
Speaker of the House Nancy Pelosi tweeted in her account that the American economy is taking a turn for the better and could now look ahead for signs of recovery.
Is a Fourth Stimulus Check Coming?
Currently, the White House is staying silent about any notion on a fourth stimulus check. That is to say that the White House has not rejected nor approved the release of another stimulus payment.
One of the deciding factors for the check’s approval would be the country’s virus case count in the coming months. Many hoped that the numbers would continue going down while vaccines are being released. IRS is also processing taxpayers and deposit information for the families eligible in the third stimulus check. Not to mention, there have also been recovery rebate credit and tax exemption policies available to many Americans.
Before the fourth stimulus check goes underway, eligible families should count the money they received if it is the correct amount promised by the IRS. It is possible for the government to owe you more money than you are aware of. Factor in your plus-u payment, Recovery Rebate Credit, and stimulus check payment to an online calculator to compute how much money the stimulus check payment should provide.
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