Stimulus checks are, simply put, the payments that the government makes to its citizens during periods of harsh economic difficulty.
The most recent payments of this nature were made during the COVID-19 pandemic- in order to lessen the economic impact of it. These payments have also been referred to as the Economic Impact Payments- of which the government issued three in 2020 and 2021. But, the payments have come under several updates over the last three years, so let’s talk about the changes that have been introduced during this period.
Stimulus Check Details- Eligibility, Deadlines, And More
As it is widely known, the stimulus check payments were available to eligible individuals in the country with Social Security numbers. However, the rules of eligibility are quite varied- depending on the payments. For the first couple of payments, people claimed as dependent on the tax return weren’t deemed eligible for their own payment. However, individuals who did claim dependents under the age of 17 could easily receive payment for them.
The stimulus check payments also have income limits as an eligibility criterion. Each of the three payments that were available in full to single tax filers would come under a sum of $75,000. Household heads, those who had an income of under $112,500 were also deemed eligible for the payments. However, the phase-out rules- which imply that high earners lose their eligibility- were also added to the eligibility criteria.
For those who haven’t yet received their stimulus check payment, it is still not too late to claim the payments. But one would have to file a tax return in order to receive the funds. The deadline for filing the returns has already passed. So, one would have to claim the unpaid funds in the form of a Recovery Rebate Credit.
