Stimulus Update: Are Rumors Of A Fourth Stimulus Check For $7000 On Aug 19 True
For months, millions of Americans have been wondering if they will receive a fourth stimulus check this year.
STATEN ISLAND, N.Y. — Dont believe everything you read on the Internet.
A false report in The U.S. Sun claimed a fourth stimulus payment will hit bank accounts across America on Aug. 19 from the Internal Revenue Service .
But those rumors simply arent true. There isnt a fourth stimulus check for $7,000 coming out on Aug. 19.
There has been several petitions for more stimulus money, including one calling on the federal government to provide $2,000 monthly stimulus checks that started last year. Despite a push from many lawmakers for a fourth stimulus check, Congress has made no mention of intent to send out additional payments.
So will anyone eventually see a fourth stimulus check?
In June, White House Press Secretary Jen Psaki said President Joe Biden is open to a range of ideas and hadnt ruled out another round of economic stimulus payments to Americans.
However, most recent reports suggest a fourth stimulus check payment is unlikely as the country moves toward recovery from the coronavirus pandemic.
PREVIOUS STIMULUS CHECKS
Americans previously received three other stimulus checks, including one for $1,200 in March 2020 and another for $600 in December.
CHILD TAX CREDIT
Fourth Stimulus Checks Are Coming From These States Is Yours On The List
A Change.org petition with nearly 3 million signatures is demanding $2,000 payments for all Americans throughout the pandemic. Although an official fourth stimulus check from the federal government might seem unlikely at this point, states are doing their own part in making sure federal stimulus money gets distributed. As part of the American Rescue Plan stimulus relief bill, states were allotted over $200 billion dollars to spend towards their economic recovery from the COVID-19 pandemic.
States have until the end of 2021 to give their money out, and governors have already begun doling out cash where they feel their states need it the most.
Idaho: $75 Rebate Payments
In February, Idaho Gov. Brad Little signed a bill that allocated $350 million for tax rebates to Idahoans. There were two criteria for eligibility:
- Full-time Idaho residency and filed 2020 and 2021 tax year returns, OR
- Full-time Idaho residency and filed grocery-credit refund returns.
The payments began in March. Each taxpayer received either $75 or 12% of your 2020 Idaho state taxes, whichever is greater . The rebate was applicable to each individual taxpayer and each dependent.
The tax commission first issued rebates to taxpayers who received refunds via direct deposit, then sent paper rebate checks.
In a special session on Sept. 1, Idaho lawmakers voted to authorize another tax rebate for all residents who filed state tax returns in 2020. Individual filers will receive $300, and couples filing jointly will get $600.
The funds come from the states $2 billion budget surplus. The payments are slated to roll out within weeks, according to a report by the Idaho Press.
State residents can also check the status of their rebate online.
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Fourth Stimulus Check Update: Monthly $2k Petition 8000 Signatures Shy Of 3 Million
A restaurant owner in Colorado began an online petition during 2020 urging Congress to consider $2,000 monthly stimulus checks for every American while the pandemic continues. On Christmas Day of 2021, that petition is a little more than 8,000 signatures away from 3 million.
Stephanie Bonin launched her petition on Change.org last year, and it has picked up steam over the year as some people are still out of work and a new COVID variant has spread around the country.
“I’m calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis,” the petition reads.
Though Bonin’s petition has gained more than 55,000 new supporters over the last seven weeks, it’s unlikely that Congress as a whole will be moved by the petition. As of 6 p.m. ET on Christmas night, there were 2,991,650 signatures.
As the Omicron variant works its way around the country and COVID cases are rising, the online petition is nearing this major milestone.
The Omicron variant of COVID-19 has run rampant, record numbers of people are catching COVID againeven if they’re vaccinated and sports leagues are now getting hit hard by the virus. If businesses and schools shut down again, there could be new calls for another round of stimulus checks.
There are other petitions calling for similar stimulus funds, but they are all substantially smaller than the one launched by Bonin.
Support For A Fourth Stimulus Check
A group of Democratic Senators, including Ron Wyden of Oregon, Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, sent a letter to President Joe Biden at the end of March requesting “recurring direct payments and automatic unemployment insurance extensions tied to economic conditions.”
As the Senators reasoned in their letter, “this crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof over their heads. Families should not be at the mercy of constantly-shifting legislative timelines and ad hoc solutions.”
An earlier letter to President Biden and Vice President Kamala Harris from 53 Representatives, led by Ilhan Omarof Minnesota, carved out a similar position. “Recurring direct payments until the economy recovers will help ensure that people can meet their basic needs, provide racially equitable solutions, and shorten the length of the recession.”
Additional co-signers included New York’s Alexandria Ocasio-Cortez and Michigan’s Rashida Tlaib, two other notable names among House Progressives. The letter didn’t place a number on the requested stimulus payments. But a tweet soon after put it at $2,000 per month for the length of the pandemic.
$2,000 monthly payments until the pandemic is over.
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Injured Spouse Claim And Spousal Claims
The IRS also stated that If you are married filing jointly and you filed an injured spouse claim with your 2019 tax return , half of the total payment will be sent to each spouse and your spouses stimulus check payment will be offset only for past-due child support. There is no need to file another injured spouse claim for the payment. I have received dozens of comments on this this, so hopefully this answers the questions many have had based on official IRS guidance.
Note that if you were current with your child support payments at the time of the stimulus eligibility determination but fell behind afterwards due to a COVID-19 related job loss, you would still be eligible to get the full stimulus payment.
Updating Direct Deposit Information
This question has come up a lot in the hundreds of comments to this article. The IRS has setup a portal for individuals to provide their updated banking information to receive payments via direct deposit as opposed to checks in the mail. The IRS does recommend that 2018 Filers who need to change their account information or mailing address, file 2019 taxes electronically as soon as possible. That is the only way to let us know your new information. You can file for free via TurboTax.
Fourth Stimulus Check Amount
The fourth stimulus check amount depends on several factors. If passed, it would probably look similar to the previous checks, although that’s not guaranteed.
For reference, the first stimulus check amounted to as much as $1,200, while the second stimulus check brought $600 to eligible Americans. The third stimulus check, which the IRS is still in the process of distributing, is worth up to $1,400 per person, although the eligibility requirements are narrower.
All three checks gave the full amounts to taxpayers who made up to $75,000 a year, according to their most recent tax returns. Couples filing jointly got the full payment if they had a joint total income of $150,000 or less.
With the first two checks, those making up to $99,000 alone or $198,000 as a couple received prorated payments. With the third check, individuals who earned more than $80,000 per year or $160,000 per year as joint filers got nothing. Our guide to thestimulus check calculator can show you what your own eligibility looks like.
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Will There Be A Fourth Stimulus Check
A non-partisan advocacy group called Senior Citizens League has been demanding that the government issue a one-time $1,400 stimulus check for Social Security beneficiaries.
“We have received hundreds of emails from people concerned about making ends meet,” Senior Citizens League’s Shannon Benton told The Sun.
“The high cost of living adjustment, for many, just exacerbated their financial woes by bumping their income above program limits to qualify for Medicare savings programs and extra help.”
After the original stimulus checks, some lawmakers did push for another stimulus check, but the social spending plan stalled in Congress in late 2021.
Congress has not been planning to provide beneficiaries with stimulus money. However, this could happen in the event that the US experience an even tougher financial crisis.
What If Your State Isnt Offering Extra Stimulus
If you dont have a stimulus payment from your state, or you simply want to spend carefully during the lingering uncertainty from the pandemic, try some ideas to free up extra cash on your own.
Deal with your debt. Credit is convenient, but it doesn’t take long for expensive interest to catch up with you. If you’re juggling multiple credit card balances and other high-interest debt, fold them into a single debt consolidation loan to pay off what you owe faster and more affordably.\
Stretch every dollar. Can you drop subscription services you’re not using? Can you downgrade your phone plan to save a few dollars every month? And finally, are you getting the best deals when you shop online? If you’re not sure about that last one, a free browser tool can automatically scour the internet for better prices and coupons.
Cut your insurance bills. If you havent shopped around lately for a better car insurance rate, you might be paying hundreds of dollars too much each year especially if you still work from home and drive less. A little comparison shopping could slash your auto premiums.
Turn your pennies into a portfolio. Try to make some money in the stock market by investing just your “spare change” from everyday purchases. You won’t even miss the pennies that help you build a diverse portfolio.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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Fourth Stimulus Check: Are More Payments Coming
Here’s what we know about a possible fourth stimulus check
A fourth stimulus check from the government could take one of two forms: monthly checks in fairly small amounts, or one-time payments of up to $2,000.
Both options have been put forward by legislators in Congress as follow-ups to the third round of pandemic relief payments, which were made possible by the American Rescue Plan Act of March 2021.
The U.S. economy is still recovering, with slow but steady job growth even as unemployment numbers hold steady and the Delta variant of COVID-19 causes hospitalization rates to soar.
The federal moratorium on evictions ended Aug. 26 with a Supreme Court ruling , and millions now face losing their homes. Inflation , however, appears to be on the rise, contributing to fears among economists and lawmakers that further stimulus payments could only fuel more price hikes.
As a result, there’s no legislation in Congress that’s likely to pass that would create a fourth round of stimulus payments, even though some Democratic lawmakers have called on President Joe Biden to consider recurring payments.
The White House has passed back the buck, stating that the president would consider whatever Congress comes up with.
“We’ll see what members of Congress propose,” Psaki added, “but those are not free.”
Stimulus Update: These States Are Giving Extra Relief Money To Residents
There is high interest in a fourth stimulus check, but despite the demand, it does not look like the federal government is giving out one anytime soon. Some states are, however, giving out extra payments on a local level. AP
There is high interest in the United States for a fourth stimulus check, but despite the demand, it does not look like the federal government is giving out one anytime soon.
There are several states, however, that are giving out or already have given extra stimulus payments of relief money to residents.
That list does not include New Jersey, Pennsylvania or New York.
Below is a roundup of the states that have sent money or will send money, how much, and who it goes to.
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Here Are Some Questions And Answers Around This New Stimulus Payment:
If I didnt file taxes in 2019/2020 will I receive the stimulus ? Unlike the first stimulus payment where those who didnt need to file a tax return could update the IRS non-filer tool, this time around due to the speed of roll-out of the second stimulus check and with tax season around the corner the IRS has said the non-filer tool is closed for updates. The IRS will be using information they have as of Nov 21, 2020 or from your first stimulus check payment . Otherwise they are encouraging you to the stimulus by filing a 2020 1040 or 1040-SR tax return. Free tax software programs can be used by people who are not normally required to file tax returns but are eligible to claim the credit.
How will I get paid? Like the first stimulus payment in 2020, the IRS will facilitate payment of these checks based on your 2019 tax information. You will also get the dependent stimulus payment for eligible dependents claimed on your tax return. For other groups who dont file taxes the IRS will work with other government departments or the Get My Payment tool. Direct deposit will still be the fastest way to get your payment.
Dependents in 2020? Households who added dependents in 2020 might not qualify for full payments immediately, since based on 2019 tax return information. But they can request additional money as part of the 2020 tax returns they will file in early 2021. See more in this articles for dependent qualification income thresholds.
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Stimulus Check Missing Payment Issues Or Errors
The IRS will also be mailing Stimulus Payment letters to each eligible recipients last known address 15 days after the payment is made. The letter will provide information on how the Payment was made and how to report any failure to receive the Payment. Note that the IRS or other government departments will not contact you about your stimulus check payment details either.
Why didnt I get a stimulus check? Remember that the IRS has to have your direct deposit details, which is normally only provided if you received a 2018 or 2019 refund. If you file a return and they cannot use their portal to add direct deposit details, then your payment will come via check which could take several weeks. At this checks will likely start arriving at your IRS registered address from the end of April.
Finally you will also likely be able to claim any missing payments in your 2020 tax return as a tax credit. All this unfortunately will mean delays in getting your stimulus payment until issues are worked through.
The Claim: A Fourth Stimulus Payment Worth $2000 Per Person Will Arrive By Memorial Day Weekend
Millions of Americans are still watching mailboxes and bank accounts for direct payments from the latest COVID-19 relief legislation Congress passed earlier this year.
President Joe Biden recently sent a mailer to taxpayers about the third round of payments, worth as much as $1,400 per person, that was part of the $1.9 trillion coronavirus relief package Congress passed earlier this year.
This week, the IRS said it was sending another 1.1 million payments in the form of direct deposits and paper checks.
But even before the federal government can finish doling out the third wave since the start of the pandemic, discussion is brewing and misinformation circulating about the possibility of a fourth round.
In that has been shared nearly 250 times, a user wrote that a fourth stimulus payment worth $2,000 per person would be arriving by Memorial Day weekend. A child tax credit of $300 to $500 a month would run from July to December, according to the post.
The post is wrong on several levels.
Congress hasnt approved a fourth round of direct payments. And while the IRS will start sending out monthly payments for a larger child tax credit in July to some families, the user has the incorrect amounts.
The Facebook user who shared the post did not respond to a request for comment.
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