Several months have passed since we returned to normality after getting the Covid-19 pandemic under control. Surprisingly, there are still people eligible to claim their third stimulus check. The third federal stimulus check was ratified by the U.S. Congress in 2021, during President Joe Biden’s tenure. The Internal Revenue Service (IRS) has, to date, made most of the payments from this third stimulus check, though there may still be people who haven’t received theirs.
In such instances, people must apply for the Recovery Rebate Credit when filing their 2021 tax return. This credit is worth $1,400. Married couples filing a joint return could receive double: $2,800 stimulus check. It’s important to note that this option isn’t only available to those who are eligible and received no money, but also to those who received less than what they were entitled to.
The third stimulus check
According to a report presented in 2022 by the Treasury Department, around 644,705 people didn’t receive the third stimulus check. Although many have already claimed, there are still those who haven’t. There’s a third group of people who can apply for the payment. These are individuals who initially didn’t meet the requirements for the third stimulus check but later fulfilled them.
For instance, those whose income exceeded the limit for the third payment in their 2019 and 2020 tax returns but lost their job in 2021 due to the pandemic.
Families that had a new dependent starting from 2021 can also apply for their respective third stimulus check. So, how can you claim your third stimulus check? You just need to complete your Form 1047, requesting the Recovery Rebate Credit, found on line 30. You also need to attach your Adjusted Gross Income (AGI) for the year 2021.To track any payment, you can visit the IRS website and log into your personal account.
What is a Stimulus Check in USA
A “stimulus check” in the United States is a government-issued payment that’s sent to taxpayers to stimulate the economy by providing consumers with some spending money. When the economy is lagging, the government might issue these checks as a part of an economic stimulus package.
In response to the economic impact of the COVID-19 pandemic, the U.S. government authorized several rounds of stimulus payments (also known as Economic Impact Payments) to eligible American citizens and residents under the CARES Act in March 2020, the Consolidated Appropriations Act in December 2020, and the American Rescue Plan Act in March 2021.
These payments were sent to eligible recipients via direct deposit to their bank accounts, checks mailed to their homes, or in some cases, prepaid debit cards. The amount of money a person received depended on their income, as reported on their most recent tax return, and their filing status (single, married, head of household, etc.). There were also additional amounts provided for dependents.
The stimulus checks were designed to help individuals and families cope with the economic fallout of the pandemic, such as job loss and decreased hours, and to stimulate economic activity by encouraging spending. As of my knowledge cut-off in September 2021, there had been three rounds of stimulus checks in the United States.