Discover If You're Eligible For Automatic Stimulus Payments From The IRS

Introduction

The American Rescue Plan Act of 2021, signed into law on March 11, 2021, provides for a third round of stimulus payments to eligible individuals. The IRS is automatically sending payments to eligible Americans, but it's important to know if you qualify and what to do if you don't receive a payment. This trending news aims to provide a critical examination of the complexities of determining eligibility for automatic stimulus payments from the IRS.

Eligibility Criteria

To be eligible for an automatic stimulus payment, you must meet the following criteria:

• Your adjusted gross income (AGI) for 2020 is less than $75,000 ($150,000 for married couples filing jointly).
• You are a U.S. citizen, resident alien, or non-resident alien who meets certain requirements.
• You have a valid Social Security number.
• You are not claimed as a dependent on someone else's tax return.

Payment Amounts

The amount of your stimulus payment is based on your AGI and filing status. Most eligible individuals will receive a payment of $1,400 ($2,800 for married couples filing jointly). However, the payment amount is reduced for individuals with AGIs above certain thresholds.

Payment Schedule

The IRS began sending payments on March 17, 2021. Most eligible individuals will receive their payments by direct deposit, paper check, or Economic Impact Payment (EIP) card. The IRS has a tool on its website where you can check the status of your payment.

What If You Don't Qualify?

If you don't meet the eligibility criteria for an automatic stimulus payment, you may still be able to claim the payment when you file your 2021 tax return. You will need to file a tax return even if you don't owe any taxes. If eligible, you will receive the stimulus payment as a tax credit on your refund.

Criticisms of the Stimulus Program

The stimulus program has been criticized on several grounds. Some argue that the payments are too small to make a significant difference in people's lives. Others argue that the program is too expensive and will add to the national debt. Additionally, some argue that the program is unfair to those who do not receive payments.

Conclusion

Determining eligibility for automatic stimulus payments from the IRS is a complex process. There are numerous factors that can affect your eligibility, and the payment amounts can vary significantly. It's important to understand the eligibility criteria and payment schedule to ensure that you receive the payment you are entitled to. If you have any questions, you should contact the IRS for assistance.