The US government has announced a new round of stimulus checks for eligible Americans as part of the Economic Recovery Act of 2024. The stimulus checks are intended to provide financial relief to households affected by the ongoing COVID-19 pandemic and the economic downturn.
How much is the stimulus check?
The stimulus check amount is $1500 per person, plus $500 per dependent child under the age of 18. This means that a family of four could receive up to $4000 in total.
Who is eligible to receive the stimulus check?
To qualify for the stimulus check, you must meet the following criteria:
- You must have a valid Social Security number.
- You must be a US citizen or a resident alien.
- You must have filed a tax return for 2023 or 2022, or be a recipient of Social Security, Supplemental Security Income, Veterans Affairs, or Railroad Retirement benefits.
- You must have an adjusted gross income (AGI) of less than $75,000 if single, $112,500 if head of household, or $150,000 if married filing jointly. The stimulus check amount will be reduced by $50 for every $1000 of income above these thresholds.
How will I receive the stimulus check?
The stimulus check will be delivered to you by the same method that you received your tax refund or federal benefits. This could be by direct deposit, paper check, or debit card. If you have not provided your bank account information to the IRS, you can do so through the Get My Payment tool on the IRS website.
When will I receive the stimulus check?
The IRS has started sending out the stimulus checks on January 1, 2024. Most people should receive their stimulus check by January 10, 2024. You can check the status of your stimulus check through the Get My Payment tool on the IRS website.
What should I do with the stimulus check?
The stimulus check is meant to help you cover your essential expenses, such as food, rent, utilities, medical bills, and debt payments. You can also use the stimulus check to support your local businesses, save for emergencies, or invest for the future. The stimulus check is not taxable income, so you do not have to report it on your tax return.
Conclusion
The stimulus check is a one-time payment from the US government to help Americans cope with the economic impact of the COVID-19 pandemic. To receive the stimulus check, you must meet certain eligibility criteria and file a tax return or receive federal benefits. The stimulus check amount is $1500 per person, plus $500 per dependent child, and will be delivered to you by January 10, 2024. You can use the stimulus check to pay for your essential needs, support your local economy, or save for the future.
