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Understanding Stimulus Checks
The global and American economies were affected by the COVID-19 epidemic. In reaction to the crisis, the US government launched a number of initiatives, such as stimulus checks, to strengthen the nation’s finances.
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A stimulus check is a sum of money that the US government gives to a taxpayer. Direct deposit or paper checks are used to make stimulus payments. They are meant to stimulate spending during prosperous times and so help the economy grow.
If you are interested inn knowing more about How Much Was the First, Second and Third Stimulus Check?, then please stay on this article and get detailed information in this regard.
How Much Was the First, Second and Third Stimulus Check?
April 2020 saw the introduction of the first Economic Impact Payment under the CARES Act, often known as Stimulus Check One. The Tax Relief Act of 2020 with Stimulus Check Payment Two, which was tied to COVID-19, was then introduced in December 2020. Following that, in March 2021, The American Rescue Plan with Third Stimulus Check Payment was unveiled.
We have discussed the amount paid in various stimulus checks below, you may have a look:
First Check: $1,200 per income tax filer, and $500 per child
Second Check: $600 per income tax filer, and $600 per child
Third Check: $1,400 per income tax filer, and $1,400 per child
In the next sections we have discussed these stimulus in a more descriptive manner.
Stimulus Checks Overview
| Article Head | How Much Was the First, Second and Third Stimulus Check? |
| Providing Country | USA |
| Provided By | Trump and Biden Government |
| Implemented By | IRS |
| Amount | Discussed in the article |
| Complete Analysis on Stimulus Checks | Read Here |
How Much Was the First Stimulus Check
One of the provisions of the CAREs Act was a wave of stimulus payments; eligible tax-paying adults received checks up to $1,200, while eligible dependents under the age of sixteen received $500 apiece. All those making less than the income limits—which were established at an AGI of $75,000 with a tapering reduction in the stimulus check value up to a maximum of $99,000—were paid.
The first stimulus checks were deposited into people’s bank accounts over the weekend of April 11 and 12. These payments were made through direct deposit into bank accounts, paper checks that were mailed, or, in certain cases, prepaid debit cards called the Economic Impact Payment (EIP) Card, which were distributed in late May or early June of last year.
How Much Was the Second Stimulus Check
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, which includes the $900 billion second round of funding, was passed by Trump on December 27, 2020. This time, in addition to the one-time payment of up to $600, households could additionally claim an extra $600 for child dependents who were 16 years of age or younger.
On December 27, 2020, the Consolidated Appropriations Act, 2021, which included these payments, was approved. Those payments usually came to a total of $600 for each person, or $1,200 for married people, with an additional $600 for each eligible kid. The payments had a similar phase-out schedule as the present payments, although the highest income levels that qualified for a payment were marginally higher.
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How Much Was the Third Stimulus Check
The American Rescue Plan was implemented on March 11, 2021, and it contained the third checks. Eligible individual taxpayers received a check for up to $1,400 in the third payment, while couples filing jointly might receive up to $2,800. Also, regardless of the age of the dependant, families with dependents could receive an additional payment of $1,400 each; there was no cap on the total number of dependents that could be claimed.
The majority of taxpayers received the money by direct deposit, much like in earlier iterations of the payments. The third stimulus payment will be made in the same way to beneficiaries who have previously received payments by debit card, including Social Security.
Present status of Stimulus Checks
With effect from December 31, 2021, the IRS will no longer be providing stimulus cheques or Economic Impact Payments (EIP). For 2022, federal stimulus payments were stopped. Still, sixteen states ran stimulus programs that provided qualifying citizens with checks, rebates, refunds, or credits.
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