The $19 Trillion Stimulus Law
The American Rescue Plan is the official name of that massive stimulus legislation enacted in March. It kicked the nations stimulus response into high gear.
Not only did it make the third round of payments possible. It also expanded the federal child tax credit, with Americans getting half of it this year as an advance payment. That advance will span six checks, which the IRS has started sending out monthly. All of which is to say, the 478 million figure we noted above is also a little incomplete.
It doesnt, for example, take into account the child tax credit checks that are coming once a month through December. In all, those will give millions of families as much as $1,800 this year for each eligible child. And theyll get the second half of the tax credit next year.
First Round Of Economic Stimulus Checks: April 2020
The CAREs Act included a provision for a round of stimulus payments eligible tax-paying adults received a check of up to $1,200 while eligible dependents under 16 years of age received $500 each .
The payments were made to everyone earning under the income limits, which were set at Adjusted Gross Income of $75,000 with the stimulus check value reducing in a tapered fashion up to a maximum of $99,000 . The very first stimulus checks were paid into people’s bank accounts over the weekend of the 11 and 12 of April, either via direct deposit into individuals bank accounts, paper checks sent through the post or in some cases, through a prepaid debit card, the Economic Impact Payment Card which were sent out in late May/early June last year.
If I Owe Child Support Will Mytax Return Be Applied Tomychild Supportarrears
-
Maybe.Federal law and regulationsdetermine when federal payments are intercepted and applied to child support arrears.
-
IfTANFhas been received for your child,thetotalamount of past due supportonall ofyourchild support cases must be at least $150
-
IfTANFhasnotbeenreceivedfor your child,thetotalamount of past due supportonall ofyour child support casesmust be at least $500
Recommended Reading: What’s The Update On The 4th Stimulus Checks
What If My Bank Account Information Changed How Will I Get My Second Stimulus Check
Unfortunately, if your second stimulus check is sent to an account that is closed or no longer active, the IRS will not reissue the payment to you by mail. Instead, if you are eligible to get a payment, you can claim the stimulus check on your 2020 tax return as the Recovery Rebate Credit or use GetCTC.org if you dont have a filing requirement.
When Will The Third Stimulus Check Be Issued
The government started sending the third stimulus checks on March 12, 2021. The IRS continues to send third stimulus checks as people submit their information to the IRS either by filing a 2020 tax return or using GetCTC.org. The deadline to use GetCTC.org is November 15, 2021.
If you have your banking information on file, the IRS sent your payment via direct deposit. Otherwise, you will receive your payment as a check or debit card via mail. Mailed checks and debit cards may take longer to deliver.
If you dont fall into any of these categories, youll have to wait to receive your third stimulus check. You will need to file a 2020 federal tax return to get the third stimulus check or use GetCTC.org if you dont have a filing requirement.
You can also get the first and second stimulus check as the Recovery Rebate Credit on your tax return or GetCTC.org if you are eligible.
Read Also: What Was The First Stimulus Check Amount
Here’s How Much Stimulus Money The Average American Has Received
by Lyle Daly | Published on Aug. 16, 2021
Image source: Getty Images
Americans at almost every income level have collected sizable stimulus funds.
Since the beginning of the COVID-19 pandemic, the U.S. government has offered different types of stimulus money, including checks and tax credits.
But how much stimulus money has the average American received so far? We know the answer thanks to research from the Institute on Tax and Economic Policy. According to that data, most Americans got over $3,000 in federal funds, and lower-income Americans benefited the most.
The Second Round Of Stimulus Checks
The second round of stimulus payments were authorized on December 27, 2020 as part of the Consolidated Appropriations Act, 2021. Those payments typically totaled $600 per person, or $1,200 for married individuals, plus $600 for each qualifying child. The payments began phasing out at the same income levels as the current payments, but the maximum income levels to receive a payment were slightly higher. Taxpayers were ineligible for any payment, unless they had a qualifying child, above the following income levels:
- $87,000 for single taxpayers
- $124,500 for taxpayers filing as head of household
- $174,000 for married couples filing jointly
As of March 5, 2021, about $135 billion of the second round of payments have been sent out overall, such payments are expected to cost a total of $164 billion according to the Congressional Budget Office.
Read Also: Recovery Rebate Credit Second Stimulus
If I Owe Someone Money Can They Take My Stimulus Checks
Maybe. Anyone filing a 2020 or 2021 income tax return to claim stimulus checks will receive the money as a tax refund. Stimulus checks should not be kept by the IRS for back tax debt.
If you owe a debt to a different federal or state agency your tax refund could be taken by that agency before you get it. This is sometimes called a garnishment or offset
If you have a question about a garnishment or offset for a student loan debt, a debt related to public benefits , or a federal tax debt you can .
What should I do if I didnt get the full amount I am owed or if I have another problem with my Stimulus Checks?
If you didnt get your stimulus checks, even after filing your 2020 and 2021 tax returns, or if you have another problem with your Stimulus Checks you can . We may be able to help.
How Much Were The Stimulus Checks
The first round of stimulus checks were paid to people beginning in April 2020. Those checks were up to $1,200 per eligible adult and up to $500 for each dependent child under 16.
The second round of stimulus checks were paid to people beginning in December 2020. Those checks were up to $600 per eligible adult and up to $600 for each dependent child under 17.
The third round of stimulus checks were paid to people beginning in March 2021. Those checks were up to $1,400 per eligible adult and up to $1,400 for each dependent child, regardless of age.
Read Also: Irs Stimulus Check Tax Return
Three Rounds Of Stimulus Checks See How Many Went Out And For How Much
While you may have heard them referred to as stimulus checks, the Economic Impact Payments were for the most part direct deposited into bank accounts or sent out as bank cards. More than 472 million payments totaling $803 billion in financial relief went to households impacted by the pandemic. The Internal Revenue Service based the amounts that individuals received on income, tax filing status, and number of children .
NOTE: If you did not receive an Economic Impact Payment in 2020 or 2021, or you have questions about the payments, please visit the Internal Revenue Service for more information.
Alert: Highest Cash Back Card We’ve Seen Now Has 0% Intro Apr Until Nearly 2024
If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until nearly 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our expert even uses it personally. for free and apply in just 2 minutes.
Read Also: Track My Golden State Stimulus 2
What Gaos Work Shows
1. IRS can use data to tailor outreach efforts.
It was challenging for IRS and Treasury to get payments to some peopleespecially nonfilers, or those who are not required to file tax returns. These people were eligible for the payments for a couple of reasons:
- first, there was no earned income requirement, so Americans with no or very little income could receive economic relief and
- second, the payments were refundable tax credits, so eligible individuals can claim the full amount even if it exceeds what they owe in taxes.
In 2020, Treasury and IRS used other data to identify and reach out to around 9 million potentially eligible nonfilers. In May 2021, TIGTA identified potentially 10 million individuals eligible for payments, but IRS has no further plans to reach out to these individuals.
We recommended that Treasury and IRS use available data to develop an updated estimate of total eligible individuals which they could use to better tailor and redirect their ongoing outreach and communications efforts for similar tax credits.
2. Improved collaboration will also help outreach to underserved communities.
We recommended that Treasury and IRS focus on improving interagency collaboration and use data to assess the effectiveness of their efforts to educate more people about refundable tax credits and eligibility requirements.
What If I Am Married To Someone Who Owes Child Support Will My Tax Return Be Applied To The Child Support Arrears They May Owe
-
Yes,unless you are eligible for relief. If youdo not owe child support butyouare married tosomeonewhoowes child support,you may need to file an Injured Spouse Claim and Allocation -Form 8379
-
In some instances, the IRS offsets a portion of the payment sent to a spouse who filed an injured spouse claim if it has been offset by the non-injured spouses past-due child support. The FAQ on the IRS stimulus FAQ www.irs.gov/coronavirus/economic-impact-payment-information-center website states: The IRS is aware that in some instances a portion of the payment sent to a spouse who filed an injured spouse claim with his or her 2019 tax return has been offset by the non-injured spouses past-due child support. The IRS is working with the Bureau of the Fiscal Service and the U.S. Department of Health and Human Services, Office of Child Support Enforcement, to resolve this issue as quickly as possible. If you filed an injured spouse claim with your return and are impacted by this issue, you do not need to take any action. The injured spouse will receive their unpaid half of the total payment when the issue is resolved.
Also Check: How Much 2021 Stimulus Check
How Do I Get Help Filing A 2020 Tax Return To Claim My Eip
The IRS recommends electronic filing, and we agree. It is a faster, more secure option. Paper forms will take much longer to be processed by IRS. You may qualify for free e-file software.
You can also call the Vermont 2-1-1 hotline and follow the menu options for tax preparation. Through this service you may be able to schedule an appointment with a free Volunteer Income Tax Preparation Assistance site. These sites are staffed by trained volunteers. They provide free preparation services to taxpayers who meet eligibility requirements.
Also, you can find Form 1040 and Form 1040 instructions on the IRS website. The instructions for the “Recovery Rebate Credit” are found on pages 57 – 59.
Stimulus And Relief Package : Cares Act
The thirdâand largestârelief package was signed into law on March 27, 2020. By nominal dollar amount, it is the largest single relief package in U.S. history. This law, called the Coronavirus Aid, Relief, and Economic Security Act and nicknamed the CARES Act or Phase Three, appropriated $2.3 trillion for many different efforts:
- One-time, direct cash payment of $1,200 per person, plus $500 per child
- Expansion of unemployment benefits to include furloughed people, gig workers, and freelancers until Dec. 31, 2020
- Additional $600 of unemployment per week until July 31, 2020
- Waiver of early withdrawal penalties for 401s for amounts of up to $100,000 until Dec. 31, 2020
- Mortgage forbearance and a moratorium on foreclosures on federally backed mortgages for 180 days
- $500 billion in government lending to companies affected by the pandemic
- $367 billion in loans and grants to small businesses through the PPP and the expanded Economic Injury Disaster Loan program
- More than $130 billion for hospitals and healthcare providers
- $150 billion in grants to state and local governments
- $40 billion for schools and universities
Recommended Reading: How Can I Get My 3rd Stimulus Check
How Do I Find Out How Many Stimulus Checks I Received In 2021
Asked by: Mr. Devante West
To find the amounts of your Economic Impact Payments, check: Your Online Account: Securely access your individual IRS account online to view the total of your first, second and third Economic Impact Payment amounts under the Economic Impact Payment Information section on the Tax Records page.
How Do I Get It
- The stimulus payments will be processed by the IRS.
- If you have already filed a 2019 tax return, you will get the stimulus payment automatically. You will receive it in the same form as your tax refund. If you requested direct deposit, then the stimulus will be direct deposited. If you requested a paper check, then the stimulus will be mailed to the same address on your 2019 tax return.
- If you entered your information into the IRS non-filer portal earlier in 2020, you will get the stimulus payment automatically. You do not have to do anything.
- If you receive one of the following benefits, you will get the stimulus payment automatically. You do not have to do anything.
- Social Security
Recommended Reading: Stimulus Checks Status Phone Number
How Many Stimulus Checks Did Americans Receive
- Jennifer Roback
- 16:56 ET, May 13 2021
- Jennifer Roback
MANY AMERICANS suffered financially during the Covid-19 pandemic.
In order to help Americans during the financial difficulties resulting from the pandemic, the government sent out stimulus checks.
Read our stimulus checks live blog for the latest updates on Covid-19 relief…
This Article Talks About:
Andy Meek is a reporter who has covered media, entertainment, and culture for over 20 years. His work has appeared in outlets including The Guardian, Forbes, and The Financial Times, and hes written for BGR since 2015. Andy’s coverage includes technology and entertainment, and he has a particular interest in all things streaming. Over the years, hes interviewed legendary figures in entertainment and tech that range from Stan Lee to John McAfee, Peter Thiel, and Reed Hastings.
Recommended Reading: 4th Stimulus Check For Single Person
Is There A Deadline To Get My Second Stimulus Check
All second stimulus checks were issued by January 15, 2021. If you didnt get a second stimulus check by then , you can claim your second stimulus check as the Recovery Rebate Tax Credit on your 2020 tax return or use GetCTC.org if you dont have a filing requirement.
If youre required to file taxes:
The deadline to file your 2020 tax return was May 17, 2021. The tax filing extension deadline is October 15, 2021. Many tax filing software programs close after this date. If you can find an online tax filing program that is still accepting 2020 tax returns, you can file a tax return to get your stimulus checks even though the deadline has passed.
If you dont owe taxes, there is no penalty for filing late. If you owe taxes, you may be subject to penalties and fines for not filing or not paying taxes. The government may reduce your tax refund to pay for any taxes you owe and other federal and state debts.
To learn more about your options if you think you owe taxes, read Filing Past Due Tax Returns and What to Do if I Owe Taxes but Cant Pay Them.
If youre not required to file taxes:
The deadline to use GetCTC.org is November 15, 2021. You can get the Recovery Rebate Credit using GetCTC.org, a simplified tax filing portal for non-filers. GetCTC is an IRS-approved service created by Code for America in partnership with the White House and U.S. Department of Treasury. You can use the portal even if youre not signing up for the Child Tax Credit advance payments.
What If I Didnt Get Some Or All Of My Stimulus Checks
If you think you are eligible and you did not get a check for you or your dependents, you can still get the money by filing your 2020 or 2021 taxes. You may be eligible for free tax preparation help from Maines CA$H Coalition.
If you do not usually file a tax return and didn’t get your stimulus checks, you may still be able to file a tax return this year to get your stimulus checks. You should check with a tax professional. The IRS website also provides information about how to claim your stimulus checks if you didnt get them in 2020 or 2021. You can also call Pine Tree Legal Assistance.
Recommended Reading: Who Are Getting Stimulus Checks
What About Next Year
Depending on whether or not you had a child in 2021, you will be qualified for more money from the government. You will likely get $1,400 upon filing your 2022 taxes, according to Forbes and Insider. Not only will a $1,400 check come to new parents if they land in a certain income threshold, but there is also an expanded child tax credit that could come into effect. That means more money for you and your family just for expanding your family.
The payments that parents have received in 2021 and will continue to receive are actually advanced payments for 2022. Theres also a reason that youve only received half of the $3,600. Thats because Congress built into the stimulus package that parents would receive some now and some later. That later is in 2022. So youll be getting potentially $1,800 or $1,500 next year.
