IRS Stimulus Checks: What You Need to Know Now

In response to the COVID-19 pandemic, the Internal Revenue Service (IRS) released a series of stimulus checks to help alleviate the financial burden on American families and individuals. These stimulus checks were designed to provide a one-time payment to eligible recipients, with the goal of stimulating economic growth and helping to stabilize the economy. In this article, we will provide a comprehensive overview of the IRS stimulus checks, including eligibility requirements, payment schedules, and important deadlines to keep in mind.

The IRS stimulus checks were a crucial component of the economic stimulus package passed in 2020, which included a $1.9 trillion relief bill. This bill was designed to provide economic relief to individuals, families, and businesses affected by the pandemic. The stimulus checks were targeted towards low- and moderate-income households, as well as those who were most vulnerable to the economic impacts of the pandemic. The checks were distributed through direct deposit or prepaid debit cards, and were designed to be tax-free and refundable.

To determine eligibility for the IRS stimulus checks, individuals must have met certain criteria, including being a U.S. citizen or resident alien, being at least 18 years old, and having a valid Social Security number. Additionally, eligible recipients must have filed a tax return for the 2020 tax year, or meet certain income threshold requirements. The IRS used a complex formula to determine eligibility, which took into account factors such as income, filing status, and the number of dependents.

Payment Schedules and Dates

The IRS stimulus checks were paid out in two rounds, with the first round taking place in April 2021 and the second round in November 2021. The payment schedules and dates for both rounds were as follows:

• Round 1: April 15, 2021
• Round 2: November 9, 2021
• Third Round: In May 2021, President Biden signed the American Rescue Plan Act, which included a third round of stimulus checks. These checks were worth up to $1,400 per individual and were paid out in June and July 2021.
• Fourth Round: There is no fourth round of stimulus checks scheduled at this time.

Eligibility Requirements

To determine eligibility for the IRS stimulus checks, individuals must meet certain criteria, including:

• Being a U.S. citizen or resident alien
• Being at least 18 years old
• Having a valid Social Security number
• Filing a tax return for the 2020 tax year, or meeting certain income threshold requirements
• Having a valid address on file with the IRS

Income Threshold Requirements

The IRS used a complex formula to determine eligibility, which took into account factors such as income, filing status, and the number of dependents. The income threshold requirements for each round of stimulus checks were as follows:

• Round 1: Single filers with an adjusted gross income (AGI) of $99,000 or less, and joint filers with an AGI of $198,000 or less
• Round 2: Single filers with an AGI of $90,000 or less, and joint filers with an AGI of $180,000 or less
• Third Round: Single filers with an AGI of $75,000 or less, and joint filers with an AGI of $150,000 or less

Dependent Eligibility

The IRS also used a formula to determine eligibility for dependent stimulus checks. Dependent stimulus checks were worth up to $500 per dependent, and were paid out to individuals who met certain eligibility requirements. The dependent eligibility requirements for each round of stimulus checks were as follows:

• Round 1: A dependent must have been a qualifying child or qualifying relative, and have been claimed as a dependent on the tax return.
• Round 2: A dependent must have been a qualifying child or qualifying relative, and have been claimed as a dependent on the tax return, or meet certain income threshold requirements.
• Third Round: A dependent must have been a qualifying child or qualifying relative, and have been claimed as a dependent on the tax return.

How to Get Your Stimulus Check

There are several ways to get your stimulus check, including:

• Direct deposit: If you have a valid bank account, you can opt for direct deposit and receive your stimulus check electronically.
• Prepaid debit card: If you don't have a valid bank account, you can opt for a prepaid debit card, which will be mailed to you.
• Paper check: If you don't have a valid bank account or prepaid debit card, you can opt for a paper check, which will be mailed to you.

Direct Deposit Requirements

To opt for direct deposit, you must have a valid bank account with the following requirements:

• The account must be in your name or the name of a dependent.
• The account must be open and active at the time of deposit.
• The account must have sufficient funds to cover the deposit.

Prepaid Debit Card Requirements

To opt for a prepaid debit card, you must meet the following requirements:

• You must be a U.S. citizen or resident alien.
• You must have a valid Social Security number.
• You must have filed a tax return for the 2020 tax year, or meet certain income threshold requirements.

Paper Check Requirements

To opt for a paper check, you must meet the following requirements:

• You must be a U.S. citizen or resident alien.
• You must have a valid Social Security number.
• You must have filed a tax return for the 2020 tax year, or meet certain income threshold requirements.

Important Deadlines

There are several important deadlines to keep in mind when it comes to the IRS stimulus checks, including:

• Filing a tax return: To be eligible for the stimulus check, you must file a tax