How Many Stimulus Checks Have There Been
If youre like most people, everything thats happened since March 2020 is a blurincluding how many stimulus checks there were and when the checks went out. Heres a quick reminder.
First stimulus check: March 2020 $1,200
Second stimulus check: December 2020 to January 2021 $600
Third stimulus check: March 2021 $1,4004
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
- Veterans Affairs
- Railroad Retirement
When Should I Get My Payment
The IRS was given hard and fast deadlines to send the two rounds of Economic Impact Payments out to American families. The first round of payments had to be sent out by December 31, 2020. The second round had to be sent out by January 15, 2021.
What this means: If you have not received the first or second round of payments yet, then you will not be getting them in advance. The good news is that you can still do something to get these payments. Read below.
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Stimulus Blamed For High Inflation
The final round of $1,400 direct payments which started in March 2021 along with the massive amounts of covid-19 relief funds injected into the US economy have been blamed for the higher-than-normal inflation afflicting the nation. The Federal Reserve Bank of San Francisco looked at the effect of the American Rescue Plan specifically on inflation.
It found that Bidens stimulus is temporarily ratcheting up inflation, but not causing overheating as has been suggested. Their analysis found that the ARP, is expected to cause inflation to increase by about 0.3 percentage point in 2021 and by a bit more than 0.2 percentage point in 2022. The impact in 2023 is negligible.
Other factors are helping push up prices on just about everything, a major source has been disruptions to supply chains caused by the pandemic. This caused manufacturers to scramble to secure scarce supplies of inputs to make their products. Americans in turn have been scooping up consumer goods with excess savings they acquired during the lockdown increasing demand on limited supplies.
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Stimulus Check Scams And Hoaxes
Of course, popular demand for widely distributed stimulus payments, and the confusing political maneuvering that goes into crafting stimulus bills, creates an information gap thats easily exploited by scammers.
Even with the first wave of stimulus checks in 2020, we saw bogus email messages that pretended to be from the IRS, promising an important update on your Covid relief fund. But they just took you to phishing sites that wanted your Social Security number and other sensitive bits of information.
Following the second stimulus bill at the beginning of 2021, those email phishing attempts were joined by scam phone calls demanding your personal details so that you could be cleared to receive more stimulus checks.
In March, as President Bidens American Rescue Plan was making its way through Congress, new phishing emails promised the moon: a $4,000 stimulus check, a boost in the minimum wage, free meals and, best of all, priority treatment that let you skip lines at COVID-19 vaccination sites.
Most recently, cruel pranksters have been passing around posts on Facebook that a fourth stimulus check worth $2,500 is coming by the end of July. Dont believe it, and dont believe the phishing websites that claim to register you for child-tax-credit advance payments.
In fact, most parents and legal guardians dont need to do anything to get the payments theyll just show up in your mailbox or bank account.
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Also Check: What Was The 3 Stimulus Checks
Th Stimulus Checks Given Out To Targeted Groups
Some states are digging into that wad of cash the government gave them and giving out the fourth stimulus checks to specific groups of people. The requirements look different for each state, but all seem to have a few things in commonlike falling into certain income levels or going through some kind of hardship.
The Grand Canyon State has a different take when it comes to stimulus checkstheyre giving them out to people who are going back to work. Arizonas Back to Work Program is offering $2,000 to those who got a job after being on unemployment.3 But you have to hold down your new job for at least eight weeks before getting the benefit.
The Golden State is the only one on the list to give out big ol broad-sweeping stimulus checks that look like the ones the federal government gave out. Heres how their numbers break down: Californians making $75,000 or less were sent a one-time check of $600 or $1,200 as part of the Golden State Stimulus I.4 And with the Golden State Stimulus II, they could be eligible for a second stimulus payment anywhere from $500 to $1,100.5 Thats on top of extra money the state paid out through the Young Child Tax Credit to those who have children age 6 or younger.6
These guys decided to shift their focus to giving their stimulus checks to the unemployed. They sent $375 to folks who had gotten at least one unemployment check payment between March 15, 2020, and October 24, 2020.7
Who Will Get A Stimulus Payment In 2022
The parents of newborns are eligible to receive payments up to $1,400 from the third and, as of right now, final round of stimulus checks issued in March.
To receive the payment, parents of the newborn child must file a tax return for 2021 in 2022 so they can receive the money in 2022.
Single parents earning up to $75,000 per year and couples making up to $150,000 per year are eligible to receive the full amount of the check.
However, even these parents of newborn children are not eligible for a fourth stimulus check in 2022.
Related stories about the stimulus:
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If You Miss Out This Year
If you receive no $1,400 payment or a reduced check, but your income changes, you may be able to claim the money you are due when you file your taxes next year.
Any change, either a slight reduction in earnings or even just putting more money in a traditional IRA or a 401 could yield a much bigger total payment when they do their 2021 taxes, said Garrett Watson, senior policy analyst at the Tax Foundation.
Theres a subset of folks who will be in that situation, Watson said.
That also goes for this years tax-filing season for people who missed out on the previous $1,200 or $600 payments. You can claim a recovery rebate credit to recoup any money you were possibly owed. This is also available to people who typically do not file tax returns because their income is too low.
Will There Be Another Stimulus Check From The Federal Government
Most people agree that getting another big stimulus check from the federal government is a long shot at this point. Still, some lawmakers keep pushing for another stimulus check to help Americans who are struggling to rebuild thanks to COVID-19 and its economic impact. And with the Delta and Omicron variants out therewould another stimulus check happen for everyone? You never know. Only time will tell, really. A lot of people didnt think wed see a third stimulus check eitherbut it happened.
With the economy and jobs both on the upswing, the need for a stimulus check is way less than its been since the start of the pandemic. Not to mention, a lot of people have been getting extra cash each month from the Child Tax Credit. Add all of that up and its easy to see that there might not be another stimulus check. But if there is one, dont worrywell let you know.
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The Online Petition For A Fourth Stimulus Check
A Denver restaurant owner has created an online petition on Change.org, asking the US congress to provide people with monthly stimulus checks. The petition has collected as many as three million signatures for the time being.
“Our country is still deeply struggling,” reads the description.
“The recovery hasn’t reached many Americans – the true unemployment rate for low-wage workers is estimated at over 20 percent and many people face large debts from last year for things like utilities, rent and child care.
“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.
“Otherwise, laid-off workers, furloughed workers, the self-employed, and workers dealing with reduced hours will struggle to pay their rent or put food on the table.”
South Carolina: Rebate Checks Of Up To $800
A budget plan approved in June earmarked $1 billion for a tax rebate that will provide a one-time payment to South Carolina residents.
The maximum rebate is $800 ,and the South Carolina Department of Revenue offers instructions for calculating your rebate amount. Rebates will be distributed prior to December 31.
South Carolina residents who choose to file their tax returns on or before the February 15 disaster relief extension will have their rebates issued in March 2023.
If you received your 2021 refund by direct deposit, youll also receive your rebate to that account.
You can estimate your rebate by following the instructions on the state Department of Revenue rebate news website.
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What States Are Paying A Fourth Stimulus Check
There likely wont be another stimulus check from the federal government coming anytime soon. But a number of states have approved a fourth stimulus check for their residents welcome news amid rampant inflation. And more states could do the same in months to come. Lets break down which states are paying a fourth stimulus check and how much you could get.
For help with managing stimulus payments or with any other financial questions, consider working with a financial advisor.
What If I Havent Gotten My Stimulus Check Yet
First, head over to the governments site and sign in to your account to check on your payment status. If it shows the stimulus check was issued to you but you havent gotten it yet, you can run a payment trace to track it down. If the check wasnt cashed, the IRS will reverse the payment, and youll be able to claim it on your taxes. You can do this through the Recovery Rebate Credit.
If the check was cashed , youll have to make a claim and go through a whole process to get your stimulus money. That really stinks. Sorry in advance if you fall into that category. But with any luck, they should be able to straighten things out for you.
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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.
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Do You Have To File Taxes To Get A Stimulus Check 2021
The answer is yes, and no. If you cant file your 2020 tax return by 17 May, you can ask for an automatic tax filing extension to buy time until 15 October. This will give you more time but delay any payment that you could receive. Regardless, you will have to file to get any stimulus money that might be due to you.
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If I Take The Advance Payment How Does This Affect Next Years Taxes
Good question, you guys. The biggest thing here is if your income increases in 2021, then you might get more money in the Child Tax Credit than you actually should get. Remember, guys, theyre basing the amount they think you should get on your 2020 tax return . So,if you or your spouse got a raise at work and it bumped you over the qualifying amount, the IRS doesnt know about it.
If youre super confused by all of this, youre not alone. The State of Personal Finance study found that 70% of parents who qualify for the Child Tax Credit money say theyre afraid to spend it because they dont know how it will impact their taxes next year. That totally makes sense, guysbut dont stay in the dark here. Its so important to be in the know about these changes and how they affect you.
With all these tax changes, its a good idea to call in the folks who live and breathe this stuff. If you want your taxes done the right way, check in with a RamseyTrusted tax pro. Theyre the experts who can walk you through this new Child Tax Credit change and how it impacts your money. And theyll help you make the right call on whether you should take the advance payments or leave them alone. They can also show you the best way to plan out your taxesyou know, so you dont end up with a huge scary bill or a crazy high refund. When it comes to your tax questions, leave it to the pros.
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I Used The 2020 Irs Non
Most likely, the IRS wasnt able to process your 2019 tax return or the information you submitted to the IRS Non-filer tool in time to issue your 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.
Read Also: Who Qualify For Third Stimulus Check
New Mexico: $500 Rebates
In early March, Gov. Michelle Lujan Grisham signed a law to send multiple payments to state taxpayers.
Low-income New Mexico residents could apply for relief payments of at least $400 starting on September 26. The application deadline was October 7, 2022.
The low-income relief payments are part of a $20 million line item in the state budget for economic relief efforts. Application approvals are limited to the budget allotment and the lowest-income families will be paid first.
Another payment, in the form of a refundable income tax rebate, was issued to all taxpayers. Single filers received $500, and joint filers received $1,000. This rebate was split into two equal payments, delivered in June and August 2022. The funds were sent automatically to taxpayers who filed a 2021 state return.
If you dont typically file a state income tax return but do so for 2021 by May 31, 2023, youll receive your rebate by direct deposit or check. If you owe tax from your 2021 return, it will be deducted from your rebate amount.
How Will You Receive The Third Stimulus Check
Most people got their previous stimulus checks by direct deposit with the bank account on file with the IRS. Payments were automatic for anyone who filed a 2019 tax return and/or was receiving Social Security benefits. If you didnt have direct deposit with the IRS, your payment would take a little more time and come as a check or debit card in the mail.13
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Who Is Eligible For The Third Stimulus Check
For the first two stimulus payments, single taxpayers earning up to $75,000 a year and couples earning up to $150,000 a year were able to get the full amount. Parents also received stimulus payments for each dependent child under age 17.9,10
Those income limits didnt change for the third stimulus payment even though it targeted the payments to lower income earners. Under the American Rescue Plan, payments phased out for single filers making between $75,000 and $80,000 and couples making between $150,000 and $160,000.11
Eligibility for the third stimulus check also expanded to cover any non-child dependents. That means taxpayers who supported certain eligible dependents age 17 and older might have received more money too.12