The government has just launched a new Stimulus Checks package that has become the best news to start the month of June. Just when it was expected a greater investment in social benefits and the return of the medium packages, you have a new opportunity to receive $1800 if you meet these criteria. We explain what they are and how you must do to get the money in your account.
New $1800 Stimulus Checks nationwide: The program you have been waiting for
The federal government has announced a new round of direct stimulus payments to provide economic relief during the ongoing challenges caused by the rise or prices. Eligible Americans could receive up to $1800 per person under this program, with the potential for additional money for dependents.
However, strict eligibility criteria based on income thresholds and other qualifications will apply to determine who gets the full $1800 amount. This new stimulus package aims to inject cash into the economy by putting money directly into people’s pockets.
Note that this is not the long-awaited fourth round of Stimulus Checks payments, but a nationwide program developed to be complementary to the states´ ones. The goal is to target relief at lower and middle-income Americans feeling the squeeze from inflation.
Are you eligible for this new Stimulus Checks? That´s what you have to know
Eligible individuals in the United States will receive a $1,800 stimulus check, full payment, but people with the following income levels; single taxpayers earning $75,000 or less, heads of households earning $112,500 or less, or joint filers earning $150,000 or less.
We are talking about payments for tax filers and those who depend on them for support. Dependent beginners of any age also qualify for $1,800 additionally per person. This means that a family of four could reasonable claim up to $7,200 of the credit following the new rates of $1,800 per child.
Where filers can take the full amount they reach, they have to provide a valid social security number, and they have to be a U.S. citizen or permanent resident. BIP also includes any aliens who have residential status and possess ITIN (Individual Taxpayer Identification Numbers); they may be entitled to the payments.
The stimulus checks are not an actual payment that American people received but rather, they are an early form of the 2024 Recovery Rebate tax credit. Therefore, the submission or even the payment is related to the tax filing of 2023 or 2024 depending on whichever the IRS has received when making the payments.
When will you receive the money? The payment schedule, unveiled
It is projected that in an early estimate of the $1800 payments, the White House and Treasury expect to dispense these by the end of June 2024, with an intended starting date of late May 2024. It is important to understand that not everyone will receive the payment at the same time.
When you will get the payment exactly depend not just on the amount of income, but also on which group of taxpayers will be covered in the first months of the program. Based on previous stimulus rollouts, here’s a general timeline for when different groups can expect their $1800 payments:
- Late June 2024: The first checks will be direct deposit, which will go into the accounts of taxpayers who have filed their account information with the IRS.
- Early July 2024: Paper checks will be issued to the rest of the people who have not registered for the direct deposit at the normal banking headquarters for the respective states and the lower class citizens will be paid first.
- Late July 2024: Further cycles of electronic and mails payments will keep on being released mainly to the population with the highest income.
- July-August 2024: Any remaining stragglers who experienced payment glitches, filed taxes late, or need to provide additional information to the IRS.
This is, as you have seen, the new round of Stimulus Checks coming to change everything. By this, we mean that it opens a new chapter in federal aid, which had been somewhat behind since 2022. In any case, everything is still pending to know the Government’s social benefits program for the second half of the year, which is expected to be ambitious due to the election season.
