The stimulus payments that were made as part of the CARES Act in 2020 and the American Rescue Plan in 2021 were part of a larger federal stimulus package that was designed to help the economy recover and grow. Individuals and families across the United States are grateful for these payments, which come at a time when the COVID-19 virus is still hurting the economy.
According to MARCA, there has been a significant drop in American consumerism as a result of the pandemic, with many people no longer able to spend money on anything other than the necessities. Taxpayers who receive a stimulus check will have money to spend in stores and restaurants, which the government hopes will help boost the economy.
Americans with low and middle incomes received stimulus checks totaling more than $1 trillion. A fourth stimulus payment from the federal government is a remote possibility. COVID-19 relief programs, including direct stimulus payments, small business assistance, and increased unemployment insurance benefits, are already being implemented in several states, according to Forbes.
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The Non-Filers: Enter Payment Info Tool
Those who do not have to file annually may also be eligible for an Economic Impact Payment. Because they don’t file, the IRS doesn’t know who they are. To get the Economic Impact Payment, they must register with the IRS. The Internal Revenue Service encourages low-income Americans to take advantage of the free, online tool Non-Filers: Enter Payment Info to quickly and easily register for their Economic Impact Payment.
This tool is for people making less than $24,400 per year (married couples) or $12,200 per year (single people). Homeless couples and individuals are included. Even those who do not work can qualify. A dependent of another taxpayer is ineligible. Married couples usually qualify for $2,400, while others get $1,200. Dependents under 17 can get up to $500 extra per child, according to IRS.
Look for “Non-Filers: Enter Payment Info Here” on IRS.gov and provide basic info like SSN, name, address, and dependents. Taxpayers will receive an Economic Impact Payment from the IRS. Receiving the payment entails no tax liability. By providing bank account information, the IRS can quickly deposit funds into a savings or checking account. If not, the payment will be mailed, which takes longer than direct deposit.
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