How Much Was the Recent Stimulus Check?
The recent stimulus check, which was part of the government’s efforts to provide financial relief to American citizens during the ongoing COVID-19 pandemic, has been a topic of great interest. Many individuals have been eagerly waiting to find out how much they will receive, and the amount has varied depending on several factors. In this article, we will explore the details of the recent stimulus check and how much was allocated to each eligible recipient.
The recent stimulus check was part of the Economic Impact Payment program, which was authorized by the American Rescue Plan Act of 2021. The purpose of this program was to provide financial assistance to individuals and families who have been affected by the economic downturn caused by the pandemic. The amount of the stimulus check was determined based on the recipient’s filing status, age, and number of qualifying children.
For eligible individuals who filed a tax return for 2019 or 2020, the stimulus check amount was generally $1,400 per eligible individual. This amount was increased to $2,800 for married couples filing jointly, and an additional $1,400 for each qualifying child under the age of 17. However, there were some exceptions and phaseouts based on income.
For individuals with adjusted gross income (AGI) of up to $75,000, married couples filing jointly with an AGI of up to $150,000, and heads of household with an AGI of up to $112,500, the full stimulus check amount was provided. However, the amount was reduced for individuals with AGI between $75,001 and $87,000, married couples between $150,001 and $174,000, and heads of household between $112,501 and $126,500.
Additionally, the stimulus check amount was completely phased out for individuals with an AGI of $87,000 or more, married couples with an AGI of $174,000 or more, and heads of household with an AGI of $126,500 or more. This means that individuals in these income brackets did not receive any stimulus check.
The IRS began distributing the stimulus checks in March 2021, and the process was completed by the end of April. The IRS used the information from the recipient’s 2019 or 2020 tax return to determine eligibility and the amount of the stimulus check. For those who did not file a tax return, the IRS used information from the Social Security Administration, the Department of Veterans Affairs, and other government agencies to determine eligibility.
In conclusion, the recent stimulus check was an important measure to provide financial relief to American citizens during the COVID-19 pandemic. The amount of the stimulus check varied depending on the recipient’s filing status, age, and number of qualifying children. While the full amount was provided to many eligible individuals, there were phaseouts based on income for those with higher AGI. The IRS worked diligently to distribute the stimulus checks, and the process was completed within a few months.
