Latest news with #EconomicImpactPayments
Economic Times
2 days ago
- Business
- Economic Times
Still waiting for a fourth stimulus cheque in July or August? Here's why that $2,000 isn't coming
Stimulus Checks: Talk of a new $2,000 stimulus cheque landing in July or August 2025 has gone viral. But as of now, neither the IRS nor the US Congress has proposed or approved such a payment. The rumour, fuelled by social media and unverified reports, has no official backing. The deadline to claim the third and final stimulus passed in April 2025. While some US states continue to issue small inflation relief cheques, there is no federal fourth stimulus in the pipeline. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads IRS and Treasury: No fourth cheque in the works Trump's DOGE plan still just a proposal Cost of living rising, relief still sparse Tired of too many ads? Remove Ads Stimulus payment scams and fake forms on the rise A quick look at past stimulus payments The first cheque, issued in March-April 2020, provided up to $1,200 for individuals and $2,400 for married couples, plus $500 per qualifying child under 17 The second cheque, sent by January 2021, was up to $600 per person and $600 per dependent The third cheque, delivered between March and December 2021, gave $1,400 per eligible individual, and $1,400 per dependent How to track refunds or missing stimulus payments Over the past week, rumours have surged online about a fourth stimulus cheque worth $2,000 supposedly coming in July or August 2025. These claims, heavily circulated on social media and through loosely sourced articles, suggest that new federal relief is on the way for struggling there is no official confirmation. Not from the Internal Revenue Service (IRS), not from the US Congress, and not from the Treasury wave of misinformation follows a 19 July article by Rick Adams, which implied that lawmakers were considering new payments due to mounting public pressure. The article stated that single filers earning less than $75,000, and married couples earning under $150,000, would qualify. It also mentioned additional amounts for dependents, with direct deposits possibly starting late 2025 or early 2026 if that 'if' remains very much draft legislation, budget allocation or public statement supports these claims. The most recent IRS update, IR-2025-75 issued on 15 July, focused on tax security and extensions. It made no mention of new stimulus been no movement from the IRS or the Treasury to suggest that another stimulus is being last round of Economic Impact Payments was part of the American Rescue Plan in 2021. That provided up to $1,400 per eligible individual. As of now, the only related payments still being processed involve the 2021 Recovery Rebate Credit, with $2.4 billion in unclaimed funds still being issued. But that process ends by January IRS confirmed in bulletin IR-2024-314 that this is not a new cheque, just money left unclaimed from the third stimulus. Congress has not passed any law approving a fourth round. And the deadline to file for the third stimulus expired on 15 April in February, Donald Trump floated the idea of a one-time $5,000 'DOGE dividend' during a summit in Miami. He tied it to projected savings from Elon Musk's Department of Government Efficiency (DOGE).Trump said, 'We are considering using part of the 20% in savings DOGE identified and giving that back to taxpayers.'That proposal, however, has gone nowhere. There's been no follow-up from Congress, no formal plan, and certainly no timeline. It remains just an idea with no structure or funding behind no denying that many Americans are feeling the pinch. Rising costs of rent, food and healthcare continue to put pressure on households, especially the elderly and low-income earners. Adams noted this in his article, and there is some factual basis to that Security's Cost-of-Living Adjustment (COLA) for 2025 aims to provide some support. But it's not keeping pace with actual inflation cited by calculated that the proposed DOGE savings of $130 billion, even if redistributed, would only amount to around $807 per taxpayer, far below the claimed $2,000. That figure also assumes full congressional approval, which has not been these rumours spread, so do the scams. Users on X (formerly Twitter) have flagged fake text messages and websites offering early access to the supposed IRS is urging caution. In a statement, it advised citizens to 'check for updates and avoid unsolicited payment requests.'It's also worth noting that some states have issued their own forms of inflation relief. These are not federal cheques, and the amounts are far example, New York sent one-time inflation cheques of $200 for individuals earning up to $75,000, and $400 for married couples earning up to $150,000. Pennsylvania, Georgia and Colorado also issued what they termed 'rebate cheques' to qualifying taxpayers or property owners. Each state uses its own put the $2,000 rumour into context by looking at the actual stimulus history:Any unclaimed stimulus payments had to be filed for via the 2021 tax return. The final deadline was 15 April 2025, with no extensions available. Even if a taxpayer requested a filing extension, that did not apply to the stimulus claim. The IRS made clear that 'any unclaimed stimulus payments become the property of the U.S. Treasury.'If you are waiting for a tax refund or think you might have missed a stimulus payment, the best step is to use the IRS's 'Where's My Refund' tool online. It updates daily and lets users track the progress of their federal return. You will need your Social Security number, filing status and the exact refund amount to access the you filed electronically with direct deposit, you can expect to see the refund in your account within 21 days. For paper filers, it might take up to eight the IRS helpline at 800-829-1954 is available for those unable to use the refunds, meanwhile, must be tracked via each state's own tax portal. For example, the Delaware Division of Taxation and the Pennsylvania Department of Revenue each have dedicated online systems.
Time of India
2 days ago
- Business
- Time of India
Still waiting for a fourth stimulus cheque in July or August? Here's why that $2,000 isn't coming
Over the past week, rumours have surged online about a fourth stimulus cheque worth $2,000 supposedly coming in July or August 2025. These claims, heavily circulated on social media and through loosely sourced articles, suggest that new federal relief is on the way for struggling Americans. But there is no official confirmation. Not from the Internal Revenue Service (IRS), not from the US Congress, and not from the Treasury Department. Explore courses from Top Institutes in Select a Course Category Finance Leadership MBA Product Management Data Analytics healthcare Design Thinking PGDM Cybersecurity CXO Degree others Artificial Intelligence Data Science Technology Healthcare Management Public Policy Data Science Others Digital Marketing Project Management Operations Management MCA Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details This wave of misinformation follows a 19 July article by Rick Adams, which implied that lawmakers were considering new payments due to mounting public pressure. The article stated that single filers earning less than $75,000, and married couples earning under $150,000, would qualify. It also mentioned additional amounts for dependents, with direct deposits possibly starting late 2025 or early 2026 if approved. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 1 minute and see why everyone is addicted. Undo But that 'if' remains very much hypothetical. No draft legislation, budget allocation or public statement supports these claims. The most recent IRS update, IR-2025-75 issued on 15 July, focused on tax security and extensions. It made no mention of new stimulus efforts. Live Events IRS and Treasury: No fourth cheque in the works There's been no movement from the IRS or the Treasury to suggest that another stimulus is being prepared. The last round of Economic Impact Payments was part of the American Rescue Plan in 2021. That provided up to $1,400 per eligible individual. As of now, the only related payments still being processed involve the 2021 Recovery Rebate Credit, with $2.4 billion in unclaimed funds still being issued. But that process ends by January 2025. The IRS confirmed in bulletin IR-2024-314 that this is not a new cheque, just money left unclaimed from the third stimulus. Congress has not passed any law approving a fourth round. And the deadline to file for the third stimulus expired on 15 April 2025. Trump's DOGE plan still just a proposal Back in February, Donald Trump floated the idea of a one-time $5,000 'DOGE dividend' during a summit in Miami. He tied it to projected savings from Elon Musk's Department of Government Efficiency (DOGE). Trump said, 'We are considering using part of the 20% in savings DOGE identified and giving that back to taxpayers.' That proposal, however, has gone nowhere. There's been no follow-up from Congress, no formal plan, and certainly no timeline. It remains just an idea with no structure or funding behind it. Cost of living rising, relief still sparse There's no denying that many Americans are feeling the pinch. Rising costs of rent, food and healthcare continue to put pressure on households, especially the elderly and low-income earners. Adams noted this in his article, and there is some factual basis to that concern. Social Security's Cost-of-Living Adjustment (COLA) for 2025 aims to provide some support. But it's not keeping pace with actual inflation rates. Economists cited by calculated that the proposed DOGE savings of $130 billion, even if redistributed, would only amount to around $807 per taxpayer, far below the claimed $2,000. That figure also assumes full congressional approval, which has not been granted. Stimulus payment scams and fake forms on the rise As these rumours spread, so do the scams. Users on X (formerly Twitter) have flagged fake text messages and websites offering early access to the supposed cheque. The IRS is urging caution. In a statement, it advised citizens to 'check for updates and avoid unsolicited payment requests.' It's also worth noting that some states have issued their own forms of inflation relief. These are not federal cheques, and the amounts are far smaller. For example, New York sent one-time inflation cheques of $200 for individuals earning up to $75,000, and $400 for married couples earning up to $150,000. Pennsylvania, Georgia and Colorado also issued what they termed 'rebate cheques' to qualifying taxpayers or property owners. Each state uses its own criteria. A quick look at past stimulus payments Let's put the $2,000 rumour into context by looking at the actual stimulus history: The first cheque, issued in March-April 2020, provided up to $1,200 for individuals and $2,400 for married couples, plus $500 per qualifying child under 17 The second cheque, sent by January 2021, was up to $600 per person and $600 per dependent The third cheque, delivered between March and December 2021, gave $1,400 per eligible individual, and $1,400 per dependent Any unclaimed stimulus payments had to be filed for via the 2021 tax return. The final deadline was 15 April 2025, with no extensions available. Even if a taxpayer requested a filing extension, that did not apply to the stimulus claim. The IRS made clear that 'any unclaimed stimulus payments become the property of the U.S. Treasury.' How to track refunds or missing stimulus payments If you are waiting for a tax refund or think you might have missed a stimulus payment, the best step is to use the IRS's 'Where's My Refund' tool online. It updates daily and lets users track the progress of their federal return. You will need your Social Security number, filing status and the exact refund amount to access the tool. If you filed electronically with direct deposit, you can expect to see the refund in your account within 21 days. For paper filers, it might take up to eight weeks. Alternatively, the IRS helpline at 800-829-1954 is available for those unable to use the website. State refunds, meanwhile, must be tracked via each state's own tax portal. For example, the Delaware Division of Taxation and the Pennsylvania Department of Revenue each have dedicated online systems.
Yahoo
15-04-2025
- Business
- Yahoo
April 15 is deadline for some to claim $1,400 IRS stimulus check. Here's who's eligible.
The window for certain Americans to claim a bonus check from the IRS will close by end of day on April 15. The Internal Revenue Service announced in December that about $2.4 billion in stimulus checks − worth up to $1,400 per individual − would be distributed to eligible U.S. taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns. Payments were automatically sent out earlier this year to qualifying individuals who filed their 2021 tax returns, but over $1 billion in refunds were still unclaimed due to individuals who had not filed their 2021 tax returns yet, the agency said April 11. The IRS previously found more than 1 million eligible taxpayers failed to claim the Recovery Rebate Credit, a refundable credit for individuals who did not receive one or more Economic Impact Payments also known as stimulus checks, when filing their returns in 2022. Here's what to know about the $1,400 payment, including details on whether or not you may be eligible to claim it. Individuals who are eligible for the Recovery Rebate Credit but have not yet filed a 2021 tax return have until April 15, 2025, to file and receive the payment. (April 15, 2025, is also the deadline to file your 2024 tax returns.) The IRS said 1.1 million people had not filed their 2021 tax returns and could be eligible for the payment of up to $1,400. Eligible individuals must file a tax return to claim a Recovery Rebate Credit, even if their income from a job, business or other source was minimal or non-existent. The Recovery Rebate Credit was created to compensate individuals who did not receive one or more stimulus checks during the COVID-19 pandemic. The IRS previously issued three rounds of stimulus payments throughout the COVID-19 pandemic, which means most eligible individuals have already received stimulus payments and won't be eligible to claim the RRC. Those who did not receive the full amount of the third stimulus check, sent in March 2021, may be eligible for the Recovery Rebate Credit on their 2021 tax return. The agency has previously urged taxpayers not to include information about the first two checks sent in 2020, nor the 2020 Recovery Rebate Credit, on their 2021 tax returns. The IRS has been issuing the special batch of payments to those who were eligible for Recovery Rebate Credit but did not claim it on their 2021 tax return or failed to file taxes for 2021. The deadline to file the 2021 return in hopes of receiving the payment is April 15, 2025. Those who did not claim the credit but did file their 2021 tax returns should have automatically received their payments in December 2024 or January 2025 without taking any action. Taxpayers can check if they claimed this credit by looking at their 2021 tax return and checking if they left the Recovery Rebate Credit field blank or filled it out as $0. To see which stimulus checks, or Economic Impact Payments (EIP), you may have received, the IRS encourages you to sign in to your online account and check the 'Economic Impact Payment Information' section on the "Tax Records" page. Payments were sent to eligible taxpayers automatically starting in December 2024 and continued through late January 2025. Eligible taxpayers would have also received a letter notifying them of the payment, and the payments were either automatically direct deposited or sent by paper check. Taxpayers who did not file a 2021 tax return may still be eligible for the check if they file their return and claim the Recovery Rebate Credit by April 15, 2025. An eligible taxpayer may receive up to $1,400, according to the IRS. The stimulus amount is dependent on your adjusted gross income. In order to qualify for the full $1,400, the taxpayers' annual income must not have been more than $75,000 for single filers or $150,000 for married couples filing jointly. For additional information or questions about how the payment was calculated or how payment eligibility was determined, visit the IRS website. The payment will be sent to the bank account listed on the taxpayer's 2023 tax return or to the address of record. Contributing: Greta Cross, USA TODAY; Maria Francis, USA TODAY Network This article originally appeared on USA TODAY: Deadline is here to claim $1,400 IRS stimulus checks. Who qualifies? Sign in to access your portfolio
Axios
15-04-2025
- Business
- Axios
Tax Day is IRS deadline to file for unclaimed stimulus checks
The Internal Revenue Service says more than $1 billion in stimulus payments are still unclaimed by 1.1 million people. Why it matters: April 15 is the deadline to file for the refunds that are part of $2.4 billion in stimulus payments related to 2021 COVID recovery relief payments. The payments are as high as $1,400 per individual but the amounts vary. The big picture: If an eligible taxpayer does not file within the three-year window, the money goes to the U.S. Treasury, the IRS said. Some people received their refund or stimulus payment automatically in December or January. IRS stimulus check eligibility Context: The payments are for taxpayers who didn't receive the Recovery Rebate Credit in 2021. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments, also known as stimulus payments or stimulus checks. To be eligible for the credit, 2021 adjusted gross income had to be below $80,000 if filing as a single filer and under $160,000 if filing jointly, per the IRS. By the numbers: 102,200 people in Texas are eligible for $94.8 million, 116,300 people in California are eligible for $92.3 million and 73,000 people in New York are eligible for $72.5 million. See the IRS state-by-state breakdown of who might be due a 2021 refund and the average payment here. $1,400 stimulus checks: Payment amounts vary Zoom in: The IRS said payments vary depending on several factors, but the maximum payment is $1,400 per individual. File 2021 returns for stimulus money by Tuesday night Between the lines: The IRS says "there is no penalty for claiming a refund on a late-filed tax return."
Yahoo
14-04-2025
- Business
- Yahoo
Stimulus checks 2025: Who's eligible for $1,400, how to claim it before IRS deadline
Over one million Americans have still not received their $1,400 stimulus checks from the federal government. It's not too late for those who qualify — ahead of the April 15th tax deadline. The Internal Revenue Service started sending out approximately $2.4 billion to 1 million taxpayers back in December for Recovery Rebate Credit checks that hadn't been claimed yet. However they estimate another 1 million taxpayers are still missing out on $1 billion in stimulus, simply because they haven't filed their 2021 income taxes. April 15th is Tax Day for 2024 returns, but it also marks a three-year deadline to claim any tax refunds or in this case, the $1,400 Recovery Rebate Credit for that year, 2021. Here's what to know about the stimulus and if you qualify for it. More: Where is my refund? Dates to know, how to find your tax refund before the deadline Taxpayers in the U.S. who didn't file or claim the Recovery Rebate Credit on their 2021 tax return are qualified to apply for it. The refundable credit was for taxpayers who didn't get one or more Economic Impact Payments (or stimulus checks) during the COVID-19 pandemic. The stimulus amount is dependent on your adjusted gross income. In order to qualify for the full $1,400, the taxpayers' annual income must not have been more than $75,000 for single filers or $150,000 for married couples filing jointly. If you filed your previous tax returns, then you don't have to do anything but wait for the IRS to mail a check or use direct deposit into the last bank account provided in the 2023 tax return. They will notify you of such in a separately mailed letter. However, if you have not filed a 2021 tax return to date, then you have until April 15, 2025, to file back-year returns. The IRS has a three-year deadline to claim a refund on tax returns. This article originally appeared on Oklahoman: $1,400 stimulus checks deadline: Are you eligible for stimulus payment?
