Millions of low-income Americans are still eligible for a stimulus check that was sent out as part of the CARES Act. The checks have been rolling out since February and will continue to be sent out through 2021, but so far about 155 million have been sent out for the third round of payments under the CARES Act. So how much is it again?
Depending on your income level, you should get anywhere between $250 and $2,000 every three months during this period. The IRS uses complicated formulas to determine eligibility but generally speaking if you made less than $12,200 this year or were married at the end of this year then you are eligible for a check through 2022.
If either spouse made more than $75k or filed jointly with their spouse then they aren’t eligible for this particular portion of the stimulus program—but there are other programs available for them too!
Stimulus Check Incoming
The IRS uses a complicated algorithm to determine eligibility. The methodology is based on the number of dependents you have and your income, but it’s not as simple as just applying a formula. If you’re married and filing jointly, for example, you must use the joint numerator (the total number of individuals in your household) when calculating your family size. That makes sense: if one partner works while another stays home with their children, they are still considered part of one household.
The first step in determining eligibility is filling out form 8880-C (Request for Return Information). Once completed, this form sends information about both spouses’ wages to the IRS so that they can calculate each person’s potential tax credits and any additional taxes owed due to unemployment benefits or child care expenses.
If you are a low-income American, you may be eligible for a check from the federal government.
If you have no dependents and made less than $12,200 this year, you are eligible for a check. If you made less than 75k per year, but more than $12,200 this year, then there’s still hope! You just need to go through an extra step to prove your eligibility before receiving your stimulus money.
