One of the most awaited social benefit programs is finally available, with a one-time payment that will solve part of your financial problems. Of course, we are referring to the IRS $1400 Stimulus Checks in June, which had been rumored during past weeks: we explain what has happened and how we have arrived at this situation in which thousands of people are waiting for their payment.
New IRS $1400 Stimulus Checks: New one-time payment in June
The $1400 stimulus check is supposed to be a one-time direct payment to eligible Americans based on the requirement of the American Rescue Plan Act, that was passed in March 2024 under President Joe Biden. The major aim of these EIPs is used to deliver relief, as it has been published during past weeks.
This $1400 payments, as well as the prior two stimulus checks that were provided in 2020, would serve a purpose of helping the consumers stimulate spending and in turn and help restart the economy which is in a critical situation. But, is it really a new round or just an unfounded rumor? We want to analyze it.
The strangest rumor of the last month: IRS Stimulus Checks in partial payment, or not?
To further discuss the first-round direct payment, $1400 stimulus check is supposed to start to reduce based on the income that exceeds $75000 for single filers and $150000 for joint filers in terms of AGI. On this amount, $1,000 of income earned in excess of the thresholds reduces the payment by $28.
For instance, there would be an unmarried individual with an AGI of $8,000, and this person would receive $280 ($1,400-$5,000) for each $1,000 of AGI above $75,000 of phase-out start. The reception of stimulus payment gradually should decline for single individuals with $87,000 or above and couples earning above $174, 000.
However, it has been proven that this is not a new payment, let alone the fourth round we had recently theorized about. Everything has remained, as you can see, a new rumor, just as it happened with the one we denied: that of the $12,000 Stimulus Checks.
Where does this strange rumor come from? There are no new Stimulus Checks, but this new payment
What was thought to be a new source of income for thousands of families has come to naught, as the IRS will not be calling for new Stimulus Checks worth $1400. This is what they have confirmed and, therefore, the only real truth in this (you know that we are committed to fact-checking).
It all started with a rumor that was circulating on Twitter and even TikTok (the former network is a major source of economic hoaxes, we were not expecting the latter). Finally, it reached thousands of families who were excited to see how they would receive the money in one-time payments.
The key, according to experts, is the desperation that many families have because of inflation, which makes it difficult for them to organize their family finances. This is the problem with which many states are sending out their own Stimulus Checks.
Don’t forget, in any case, that you now have the option of requesting SNAP payments with increase for June, which we talked about last week. Likewise, there are the other social benefits that have been extended since last year and that, for the moment, have not been reported to be discontinued.
These new IRS $1400 Stimulus Checks would have been a new opportunity to receive money that, of course, will help you a lot. Don’t forget that the $930 payments that thousands of families are in danger of missing out on are still available. Do it now more than ever, when SNAP payments are about to disappear in most states, as has been confirmed.
