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Everything You Need to Know About the Fourth Stimulus Check

Is there a fourth IRS stimulus check coming soon? Since the start of the COVID-19 pandemic, the Internal Revenue Service (IRS) has processed three rounds of stimulus checks. Unfortunately, a large part of the U.S. population continues to struggle financially.

To this date, the government hasn’t announced if there will be a fourth stimulus check, however, several states have provided qualifying residents with financial assistance. Continue reading to learn more about the status of a fourth stimulus check, current state-level assistance programs, and eligibility!

What is a stimulus check?

Stimulus checks, also known as Economic Impact Payments, are a form of economic assistance provided by the U.S. government.

According to the Consumer Financial Protection Bureau (CFPB), the amount of each stimulus check depends on income reported in your 2019 or 2020 tax return. Other determining factors include your marital status and how many children you have.

Will there be a fourth stimulus check?

Those who qualify have already received three stimulus checks from the government. Stimulus checks were issued on the following dates, according to the government’s website:

  • April 2020
  • December 2020 (some of these payments were issued in January 2021)
  • March 2021

As of June 2021, some qualified families began receiving Advanced Child Tax Credit Payments. These payments represent half of the annual amount that the IRS credits each family for their children. If you received these payments, you will be qualified to collect the second half of your child tax credit upon filing your 2021 tax return.

If you don’t file taxes with the IRS, you may still be eligible to receive the Advanced Child Tax Credit. To report your qualifying children and request your payments, you’ll need to enter your information in the IRS Child Tax Credit Non-Filer Tool

The current economic outlook

At this moment, the United States Congress has not yet approved a fourth stimulus payment. Nonetheless, the country’s economic situation has not improved. Recent reports from the Bureau of Labor Statistics (BLS) indicate that consumer prices have increased by 6.2%. The unemployment rate fell by only 0.4% and currently, 4.2% of the population is still unemployed.

Due to the economic uncertainty around the country, several states have launched their own financial assistance programs. Please note that the amount of aid provided by these stimulus programs provide varies from state to state and is seen as follows:

  • Arizona. This state has a Back to Work Program that offers a bonus of $1,000 to its unemployed residents who accept a part-time position. It also offers $2,000 to those who start a full-time job.
  • California. Known as the Golden Gate Stimulus, this state’s assistance program has provided its residents with two stimulus checks. The first was for $600 and the second for $1,100.
  • Connecticut. The Back to Work CT Program offers an incentive of $1,000 per person, for residents who have suffered from long-term unemployment.
  • Florida. This state provided a stimulus check of $1,000 per person.
  • Maryland. The residents of Maryland received between $300 and $500 per person, according to the governor’s Relief Act of 2021.
  • Michigan. As part of its special program for essential workers, this state provided economic bonuses of $500. 
  • New Hampshire. Thanks to the Financial Assistance to Needy Families program, the state of New Hampshire offers monthly assistance of up to $1,086.
  • New Mexico. Low-income residents in New Mexico have received economic relief of up to $750.
  • Tennessee. Local news sources indicate that teachers and educational personnel in this state will receive a bonus of $1,000.
  • Vermont. The Vermont COVID-19 Equity Fund offered its residents financial assistance of $1,200 per adult and $500 per child.

Requirements

If the federal government were to approve a fourth stimulus check, the requirements to receive this automatic payment would be the same as with previous checks. According to the IRS website, you can qualify for this payment if you:

  • Are a U.S. citizen or U.S. resident alien
  • Are not a dependent of another taxpayer
  • Have an Adjusted Gross Income (AGI) lower than:
    • $150,000 if married and filing a joint return 
    • $112,500 for heads of family
    • $75,000 for eligible individuals using any other filing status

The Consumer Financial Protection Bureau indicates that you may be eligible to receive an economic impact payment even if you don’t file taxes at the state or federal level. Once this assistance is approved, you can use the IRS Non-Filer Sign Up Tool to request that your check be sent by mail.

Will there be a stimulus check in 2022?

Due to the country’s difficult financial situation, many people have signed an official petition requesting ongoing, monthly assistance of $2,000 for adults and $1,000 for children. As a result of this social pressure and recent cases of the Omicron variant, a group of legislators has taken steps toward discussing a possible, fourth stimulus check in the first trimester of 2022. 

If the United States Congress approves a fourth stimulus check, it would be issued across all 50 states.

It’s important to remember that you can better protect and manage your family’s funds from stimulus checks and government assistance using your PODERcard account!