Stimulus Check is a type of payment made to each taxpayer by the United States government. These checks are primarily designed to support the US economy and provide benefits to low-income and middle-class families.
The stimulus programs are ruined by the Internal Revenue Service (IRS) Department’s accurate amounts and payment schedules. For the stimulus checks, they offer some eligibility criteria through which they can identify needy citizens.
Purpose
The purpose of providing stimulus checks is to support middle-class families financially after the coronavirus epidemic. It is a paper check provided to every individual taxpayer by the US federal government during times of economic distress.
Through the payments, the US government wants to encourage local citizens to pay the tax. With this financial support, middle-class families can manage their basic needs and it will also increase the revenue of retailers and manufacturers.
Eligibility Criteria
Qualify the stimulus check with the fulfillment of Internal Revenue Service (IRS) eligibility requirements so that you can directly get the payment. Let’s check the eligibility criteria you need to complete for stimulus payment:
- Income Limits: There are certain income limits as per the number of people, such as:
Individual Person: Adjusted gross income (AGI) up to $75,000,
Married or Couple: Adjusted gross income (AGI) up to $150,000,
For an additional $100 of income, it increases to $99,000 for a single adult, $136,500 for the head of household, and $198,000 for a married couple. - Age Limit: There is no age limit for stimulus checks Only one person must be 17 years old to get the additional stimulus payment.
- Citizenship or Residency: You must have been a citizen of the United States of America for the last 10 years. For residency proof, you need to verify it with a US legal citizenship document.
- Valid Social Security Number: For the benefit of stimulus checks, you must have a valid Social Security Number for verification. If you’re rejected from getting your first stimulus check because of your Social Security number, then you need to claim a recovery rebate tax credit on your 2020 tax return.
Impact
A stimulus check is considered to decrease taxes and the government also boosts the saving of US citizens and encourages them to pay the tax. As per population growth, there is higher consumption, so demand will increase and businesses will hire more workers. When the demand for workers increases, wages will also increase, which will boost consumption.
With more economic activity, it will definitely increase tax revenue. Stimulus checks provide the growth the economy needs, and even US citizens get their jobs back.
Related News
The below-mentioned links are related to stimulus checks provided to United States citizens:
$1400 Inflation Stimulus Checks for Everyone
$1200 Monthly Stimulus Checks for Everyone
$3000 Stimulus Checks 2024
$1800 Social Security Payment