Are you eagerly awaiting another round of stimulus checks from the Internal Revenue Service (IRS)? You are not alone; millions of Americans have received three rounds of direct payments from government to help them cope with economic losses caused by COVID-19. As we near year-end, many are wondering if there will be a fourth check coming soon. This article will provide updates on when and if taxpayers can expect their fourth stimulus check.
What is the IRS Tax Fourth Stimulus Check?
The IRS tax fourth stimulus check is a proposed payment by the government to provide economic relief to eligible Americans. The initial three rounds of stimulus payments were authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Consolidated Appropriations Act 2021, and American Rescue Plan Act respectively.
Since April 2020, the federal government has distributed $850 billion in direct payments to eligible Americans. The first three rounds of stimulus checks provided $1,200, $600 and $1,400 to these individuals respectively; however there is no assurance that an additional stimulus check will be distributed by the IRS.
Stay Up To Date On The IRS Tax Fourth Stimulus Check
As of February 2023, there is still uncertainty as to whether the government will issue a fourth stimulus check. Congress has introduced several bills for such an intervention but none has yet become law.
One of the primary reasons a fourth stimulus check has not been approved is due to an improving economy. With vaccine rollout and business reopenings, unemployment has decreased and signs of recovery have appeared in the economy, prompting some policymakers to argue that another round of stimulus payments is unnecessary.
However, supporters of a fourth stimulus check contend that many people are struggling financially due to the pandemic, especially those who lost their jobs or experienced reduced income due to it. According to them, an additional payment from Uncle Sam can help cover rent, food bills and other essential necessities.
Another factor that may influence the decision on a fourth stimulus check is inflation. As the economy recovers, costs of goods and services may rise, leading to higher inflation rates. This makes it harder for those on low incomes to afford everyday necessities.
FAQs Regarding the IRS Tax Fourth Stimulus Check
Will there be a fourth stimulus check in 2023?
As of February 2023, there is still no certainty as to whether the government will distribute another stimulus check.
Who is eligible for a fourth stimulus check?
If the fourth round of stimulus payments are approved, eligibility requirements will remain similar to previous rounds. Generally speaking, most eligible individuals will receive a payment based on their income and family size.
How much money will I receive from a fourth stimulus check?
If your fourth stimulus check is approved, the amount you will receive depends on your income level and family size.
When will the government announce if there will be a fourth stimulus check?
Unfortunately, there is no set timeline as to when they plan on issuing another check.
How Can I Check My Eligibility for the IRS Tax Fourth Stimulus Check?
To determine if you qualify for the IRS tax fourth stimulus check, visit their official website and use their “Get My Payment” tool. This requires providing some personal information like your Social Security number, date of birth and mailing address so make sure all these items are on hand when using this tool. Once verified as eligible for receiving a stimulus check, this tool will show when and if it will arrive.
What Should I Do Without Receiving My IRS Tax Fourth Stimulus Check?
If you believe you’re eligible for the fourth stimulus check but haven’t received it yet, use the “Get My Payment” tool on the IRS website to confirm payment status. If it shows that your payment has been issued but not yet received, contact the IRS directly via their toll-free stimulus information line at 1-800-919-9835 for assistance.
Will the IRS Tax My Fourth Stimulus Check as Taxable Income?
No, the IRS doesn’t consider your fourth stimulus check taxable income and you won’t have to pay taxes on its receipt. However, if you received more money than eligible for, then you may need to reimburse that excess on your annual tax return.
Can I Use My IRS Tax Fourth Stimulus Check to Pay Off Debts or Bills?
Absolutely, you can use your IRS tax fourth stimulus check for any purpose you desire. Nevertheless, it’s essential that you prioritize spending and use it wisely if facing financial hardship due to the pandemic.
Will there be additional stimulus payments in the future?
At present, it remains uncertain whether there will be additional stimulus payments issued in the future. Ultimately, lawmakers have proposed various stimulus packages in the past so it’s possible that additional payments could be approved if deemed necessary in the future.