In November 2023, the IRS will distribute a new round of stimulus checks. This round of checks will be distributed to eligible taxpayers who did not receive the full amount of either the Child Tax Credit or the Earned Income Tax Credit, also called the EITC, in 2021.
What are the criteria for eligibility?
The fourth stimulus check, aimed at boosting the American economy, has strict eligibility requirements. Joint filers with a maximum AGI of $150,000, heads of households with an AGI of up to $112,500, and individuals with an AGI of no more than $75,000 are eligible. Prorated payments are available for those who exceed these limits. It is critical to stay informed and prepared, especially for taxpayers who owed money the previous year. The government’s economic initiative emphasizes the significance of making sound decisions with these funds.
The first, second, and third Economic Impact Payments have been distributed by the IRS. The Get My Payment application, which was used to track payment status, is no longer available. Individuals who did not receive the full amount can claim a Recovery Rebate Credit on their federal tax return for 2020 or 2021. Accessing IRS accounts online or referring to notices and letters can provide accurate credit calculation. It is best to consult with a tax professional or visit the IRS website for more detailed instructions and guidance.
What do I need to do to get my payment?
If you are eligible for a stimulus payment in November 2023, you do not need to do anything to receive it. The IRS will deposit your payment into the direct deposit account you specified on your 2021 tax return. The IRS will mail you a check if you did not have direct deposit.
How much will I get?
The amount of your payment is determined by your eligibility for the Child Tax Credit and the Earned Income Tax Credit. You will receive the full amount of your payment if you are eligible for both credits. You will only receive a portion of your payment if you are only eligible for one credit.
When will I get my payment?
Payments will be made beginning in November 2023. Your payment date will be determined by your specific circumstances.