The $1,400 stimulus check remains a crucial source of economic support for those who met the requirements established by the US government. Following the passage of the American Rescue Plan in 2021, this payment was distributed to millions of taxpayers in order to alleviate the effects of the pandemic on households. For those who have not yet received the check, the Internal Revenue Service (IRS) offers the possibility of claiming it directly through its web portal. Here we explain how you can claim it and what you need to know about it.
Who is eligible for the $1,400 stimulus check?
This benefit is primarily targeted at single individuals with incomes up to $75,000, heads of household with incomes up to $112,500, and married couples earning up to $150,000 annually. Additionally, those whose incomes slightly exceed these limits may also qualify for partial payments, meaning that even if they do not qualify for the full benefit, they can still receive a proportional share.
It's important to understand that if your income exceeds the thresholds mentioned above, you will likely not be eligible to receive the check. However, the adjustments made by the IRS take into account several circumstances that could allow you to receive a portion of the payment even if your income is slightly above the limit.
How to claim the stimulus check through the IRS portal?
If you haven't received your $1,400 stimulus check yet, you may be able to claim it. The IRS has a tool on its website called "Get My Payment" that allows taxpayers to check whether the check has been issued, how the payment will be delivered (either by direct deposit or check in the mail), and in some cases, allows you to provide your bank information to secure a direct deposit. Updates to the tool occur on a daily basis, usually in the evening, so there's no need to check the status multiple times a day.
Steps to access the IRS tool
1. Access the IRS web portal: Visit the official IRS website at www.irs.gov.
2. Select the 'Get My Payment' tool: This tool will let you know if the payment has been issued, how it will be sent, and if the IRS has banking information that will allow you to receive the payment directly into your account.
3. Verify your information: You will need to enter some personal information and answer security questions to verify your identity.
4. Provide your bank details (if necessary): If you have not yet received your direct deposit payment, you can provide your bank account number to ensure your payment is made as quickly as possible.
It's important to remember that updates only occur once a day, so if you don't see immediate changes, you don't need to check the tool multiple times in one day. The IRS system is designed to update data once per day, usually at night.
Identity and security requirements
The IRS states that in order to access the Get My Payment tool, taxpayers must verify their identity by answering a series of security questions. These questions are formulated to ensure that only the authorized taxpayer can access their personal information.
If the answers to the security questions do not match after several attempts, the system will block access for 24 hours to protect the person's privacy. In case you see the message "Payment status is not available," this may indicate that the IRS is still processing your tax return or that it has not been determined if you are eligible to receive the payment.
Important considerations:
- Identity verification: It is essential to answer the security questions correctly to avoid being blocked. If you are blocked, you must wait 24 hours before trying again.
- “Payment status not available”: This message may appear if the IRS is still processing your tax return, or if your payment eligibility has not yet been determined.
- Not considered taxable income: It's important to remember that the $1,400 stimulus check is not considered taxable income. That is, you won't have to pay taxes on this money when you receive it, making it a net help for your pocketbook.
- Tax debts: Taxpayers with previous tax debts should not worry, as this payment will not be deducted from any outstanding taxes or debts with the IRS. However, this may vary if you have other outstanding debts or payments with government or private entities other than the IRS.
A quick refresher on previous stimulus checks
This $1,400 check is the third stimulus payment approved since the start of the COVID-19 pandemic. The first, for an amount of $1,200, was approved under the Donald Trump administration and distributed in 2020. The second, for $600, was also implemented during the Trump administration. The third $1,400 check was part of the American Rescue Plan approved by the Biden administration in March 2021, as part of an effort to relieve the economic pressure of millions of Americans due to the pandemic.
It is important to understand the difference between these checks, as each had specific requirements, amounts, and distribution dates. Although the $1,400 check may be the last direct payment for many recipients, taxpayers may still be able to access additional economic relief benefits depending on their situation.
Claim for those who have not filed their taxes
If you haven't filed your tax return yet, especially for those who aren't required to do so due to their income level, don't worry. Through the IRS tool, you can claim your stimulus payment even if you haven't filed taxes in previous years. This tool is designed to make the process easier, even for those who don't have a tax obligation.
For those who are waiting for their payment and find themselves in this situation, be sure to verify that the IRS data is up to date and that there is no confusion in the information submitted.
Impact of stimulus checks on the economy
Stimulus checks have had a significant impact on the American economy. Despite some people questioning the effectiveness of these payments, many families across the country have used these funds to pay bills, reduce debt, and keep their household economies afloat. The Biden administration stressed the importance of these payments as a measure to ensure that citizens could stay afloat during the most difficult months of the pandemic.
Direct payments were especially beneficial to those families who lost jobs or faced a reduction in their working hours due to pandemic restrictions. However, the impact of these payments has also been disputed by some economists who argue that these funds were only a temporary solution to the structural challenges facing the US economy.
What to do if you haven't received your stimulus check yet?
If you still haven't received your stimulus check after following the steps above, you may need to take further action. Make sure all of your information is up to date on the IRS portal and check for any data errors that could be delaying your payment.
If after all this you still haven't received your payment, the next step is to contact the IRS directly through its customer service line. The agency provides telephone assistance to help taxpayers resolve problems related to stimulus payments.
Please note that the IRS has a high volume of requests and it may take time to process all inquiries. However, it is important to follow the process and ensure that no action is missed to claim the funds that are rightfully yours.
The $1,400 stimulus checks continue to be an essential tool for millions of Americans struggling to stay afloat financially. If you haven't received yours yet, be sure to follow the steps on the IRS portal to check your eligibility and claim it if necessary. Also, remember that this payment is not taxable and will not be deducted from your previous tax debts.
It is crucial to stay informed and follow the proper process so as not to miss out on the opportunity to receive the financial support you are entitled to. As you continue to face the economic challenges left by the pandemic, this stimulus check can be a significant relief for your budget and daily needs.
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