It is no wonder that society was in desperate need of financial aid issued by the government after the recent COVID-19 outbreak. Several small businesses have closed their doors forever, thousands, if not hundreds of thousands of people have lost their jobs in a very short time.
This is where the US government has decided to step in by stimulating the economy and fostering spending with the help of stimulus checks. Once the first stimulus check was issued, plenty of small businesses and families have received relief. The second stimulus check was issued for those, who did not fall under the criteria for the first stimulus check.
On the contrary, people who for some reason missed out on the first two stimulus checks could file for the third stimulus check. Now, having seen the economy trying to return to normal, there is a question that bothers many of us: will there be a fourth stimulus check? And if so, what is the criteria to apply for one? This article will cover all of your questions regarding the fourth stimulus check.
It has been known that the US government had intended to issue a fourth stimulus check-in 2022. The fourth stimulus check will be, in essence, the initiative to support US citizens during the pandemic. The good thing about the fourth stimulus check is that most US citizens are eligible for it.
Key facts about IRS tax fourth stimulus check:
It is worthy to note that IRS has issued over 169 million payments as a part of the third stimulus check program. An average check of $ 1400 has reached several U.S. households. However, the prevailing majority of lawmakers insist on the government issuing the IRS tax fourth stimulus check until the end of the pandemic.
With the recent spread of the Omicron variant, the economy is facing another downturn, despite the first three stimulus checks issued by the U.S. government. The first two weeks of December 2022 have indicated more than ¼ Americans not being able to cover their household bills. However, the government has stated that the fourth stimulus check will be a bit different from the first, second, and third stimulus checks, namely:
• The fourth stimulus check will not be transferred as payments to the cards in comparison with a few first stimulus checks
• The fourth stimulus check will be issued on both levels: the federal government and the state itself
• The fourth stimulus check will most likely be represented as many state-level programs for people who need financial support
• Every State will receive the funds for the fourth stimulus check, however, each state will decide how exactly they will be distributed In case the IRS tax fourth stimulus check will be issued: the information on how to receive it could be found on the websites hosted by your local official authorities.
Who will be eligible for the IRS tax fourth stimulus check?
Since the financial aid will no longer be issued by the federal government, the criteria for candidates eligible for the fourth stimulus check will vary. However, you can monitor the website of the IRS to check your eligibility for the 2022 IRS tax fourth stimulus check. In case you have missed the first, second and third stimulus checks, here is a recap for the people who were eligible for those:
- U.S. Citizens or U.S. Residents
Possessing citizenship or having a permanent residency in the United States was one of the main criteria to receive first or second stimulus checks. However, the same criteria applied for the third stimulus check.
- Taxpayers with Social Security Number
IRS tax fourth stimulus check might have the same requirement for the eligibility of the candidates as it had with the first and second stimulus checks.
- Income of the individuals who filed for the first stimulus check, and at a later stage for the second and third stimulus checks did not exceed the following amounts:
* $150,000 for married couples and joint return * $112,500 for households * $75,000 for private individuals
Will there be a fourth stimulus check?
The majority of the Wall Street analysts are predicting that it is unlikely that the IRS tax fourth stimulus check will be issued. There is a couple of reasons for that.
Firstly, the Biden administration has focused on stimulating the economy by some direct investments, and people getting back to work. Secondly, first, second, and third stimulus checks made an immense contribution to inflation. The spending has indeed increased, with the supply chain crashing, leading to inflation.
Therefore, it is possible to conclude that if there will be an IRS tax fourth stimulus check, then the most accurate information could be found on your local authorities’ official website. To check, who is eligible for the IRS tax fourth stimulus check, you can always check the eligibility criteria for the first, second, and third stimulus checks and check for the updates.