How much are the recent stimulus checks?
The recent stimulus checks have been a hot topic among Americans as the government has been implementing various measures to alleviate the economic impact of the COVID-19 pandemic. The amount of these stimulus checks varies depending on several factors, including the recipient’s income, filing status, and dependent children. In this article, we will delve into the details of the recent stimulus checks and discuss how much individuals and families can expect to receive.
The most recent stimulus checks were authorized by the American Rescue Plan Act of 2021, which was signed into law by President Joe Biden on March 11, 2021. The act provided for direct payments to eligible individuals to help them cover expenses during the pandemic. Here’s a breakdown of the amount each recipient can expect:
1. Individuals: Eligible individuals who earned less than $75,000 in adjusted gross income (AGI) in 2019 or 2020 were entitled to receive a stimulus check of $1,400. This amount was intended to provide some financial relief as Americans grappled with the economic downturn caused by the pandemic.
2. Married couples filing jointly: Couples who earned less than $150,000 in AGI were eligible for a combined stimulus check of $2,800. This included $1,400 for each individual and an additional $1,400 for each qualifying dependent child under the age of 17.
3. Head of household filers: Eligible head of household filers with an AGI of less than $112,500 were entitled to receive a stimulus check of $1,400.
4. Non-filers and mixed-status filers: Individuals who did not file a tax return in 2019 or 2020 and were eligible for a stimulus check received $1,400. This also applied to mixed-status filers who are married to a non-citizen and have children who are US citizens or US nationals.
However, the amount of the stimulus check was subject to phaseouts based on the recipient’s income. For individuals who earned between $75,000 and $80,000, the stimulus check was reduced by $50 for every $1,000 of income over $75,000. For married couples filing jointly, the phaseout was $100 for every $1,000 of income over $150,000. Head of household filers with an AGI between $112,500 and $120,000 had their stimulus checks reduced by $50 for every $1,000 of income over $112,500.
Moreover, the American Rescue Plan Act also provided for an additional $1,400 stimulus check for each qualifying dependent child under the age of 17. This brought the total amount for a family of four with two children to $5,600.
In summary, the recent stimulus checks provided financial relief to millions of Americans during the COVID-19 pandemic. The amount each recipient received varied based on their income, filing status, and dependent children. While the checks were intended to provide some much-needed support, it’s essential to note that they were only a temporary solution to the ongoing economic challenges faced by many.
