People all around the country have been financially impacted by the epidemic, which has resulted in widespread job loss and the necessity for workers to take extended leave due to COVID infections and exposures.
At least for the first two years, the federal government helped to alleviate some of the misery. In 2020, millions of people will receive two separate stimulus checks: one in April for $1,200 and another in December for $600.
The third set of funds was distributed in March 2021, but it was the last time the US received any type of statewide stimulus.
Despite this, nearly a year later, the Internal Revenue Service (IRS) has issued a new caution about stimulus checks. Continue reading to find out why the agency has issued a warning about these payments.
A Fourth Stimulus Check Is Coming, According to Recent Social Media Posts.
Calls for a fourth stimulation check have become louder as the illness continues to spread.
It’s no surprise that social media con artists have taken advantage of the situation, with new tweets claiming that the next round of checks will arrive in the US soon.
A Facebook video labelled “SENDING OUT $2,000 CHECKS FOR EVERYONE!” was posted, according to a source. On Jan. 28, the video “FOURTH STIMULUS CHECK” became viral, receiving over 20,000 views.
Two more YouTube videos with similar names, all posted on Jan. 30 and saying the monies would be deposited on Feb. 9, have accumulated over 40,000 views.
The Irs Has Released a Statement Stating That No Such Payment Is in the Works.
None of the viral videos, according to USA Today, showed a confirmation of a pending payout. According to the news source, the IRS has confirmed that there is currently no fourth stimulus check on the way.
Eric Smith, an agency representative, advised people not to fall for these types of viral articles, adding that another stimulus check has yet to be released.
And it’s not likely to change anytime soon. Despite Omicron’s growth, financial analysts believe a fourth stimulus check for individuals will not be forthcoming anytime soon.
There have been recent congressional discussions about potential aid for small companies, restaurants, gyms, and entertainment facilities hit hard by the newest COVID wave, according to Ed Mills, a Washington policy analyst at Raymond James, but nothing more, according to Mills.
“The conversation has not yet been extended to individual support,” Mills said.
Many People Have Pushed for a New Stimulus Check.
Those who want more money haven’t been discouraged by the impossibility of a fourth stimulus check.
A Change.org petition advocating for $2,000 stimulus payments to be provided to every adult in the United States each month throughout the epidemic has already surpassed 3 million signatures, according to a source in early January 2022.
“Our country is still in a precarious position. Many Americans have yet to reap the benefits of the recovery–the genuine unemployment rate for low-wage employees is believed to be over 20%, and many people have enormous bills from the previous year for items like utilities, rent, and child care. Stephanie Bonin, the petition’s originator and a restaurant owner, provided an update on the situation.
“These are all reasons why checks should go to those who are still struggling, and Congress should learn from last year’s failures.”
Many earlier sorts of government aid, such as the Paycheck Protection Program, stimulus checks, better federal unemployment benefits, and monthly child tax credit payments, have all dried up as the virus spreads, according to Bonin.
Meanwhile, virus experts are uncertain about the pandemic’s future and when it will end.
“I believe that’s what 3 million people are saying: ‘All we need is some certainty.’ The group consulted with Bonin and stated, “We need something we can count on month after month.”
You May Still Be Eligible for Further Stimulus Funds From the IRS Right Now.
The American Rescue Plan Act of 2021, signed by President Joe Biden in March 2021, announced the third and last tranche of stimulus cash for Americans.
Since the end of last year, the IRS has made over 175 million payments to individuals and families across the United States, according to the IRS.
As a result of the third wave, certain taxpayers may be “eligible for a new or larger payment,” according to the IRS.
The third Economic Impact Payment, worth up to $1,400, was determined by the income and number of dependents stated on a person’s 2021 tax return.
Because the checks were paid out as advance payments before the forms were due, the IRS used information from someone’s 2019 or 2020 tax return to send out the money.
So, if your circumstances changed in 2021 in specific ways, such as having another kid or earning less, you may be eligible for more funds from the third stimulus payment.
“Families and individuals… may not have received the full amount of their third-round Economic Impact Payment since their circumstances in 2021 were different than in 2020,” according to the IRS.
To get the money owing to you, you must claim the 2021 Recovery Rebate Credit on your 2021 tax return.