After much assumption and debate, the American Rescue Plan has finally passed. This legislation aims to provide economic relief to millions of Americans who have been struggling because of the COVID-19 pandemic.
One of the most talked-about aspects of this plan is the $1400 direct benefit program, which will provide eligible individuals with a much-needed injection of financial support. In this blog post, we’ll break down everything you need to know about this program – including who’s eligible, how to apply, and how to track your payments.
$1400 Stimulus Check Eligibility Criteria:-
The first question on everyone’s mind is likely “am I eligible for this $1400 direct benefit?” The answer is, it depends. The eligibility criteria are largely based on your income and tax filing status.
Individuals who make up to $75,000 per year and married couples who make up to $150,000 per year will receive the full amount of $1400. However, the benefit will be reduced for those with higher incomes, and completely phased out for individuals making over $80,000 per year and married couples making over $160,000 per year.
Additionally, in order to receive the benefit, you must have a valid Social Security number. This means that undocumented immigrants who do not have Social Security numbers will unfortunately not be eligible for this program.
How to Apply for $1400 Stimulus Check?
If you are eligible for the $1400 direct benefit, you do not need to take any action to apply. The Internal Revenue Service (IRS) will use the information from your most recent tax return to determine your eligibility and automatically send you a payment.
If you have not yet filed your 2020 tax return, the please look into the official guidelines which demand year 2020 as a base year for calculating eligibility for providing this benefit, so if haven’t filed your 2020 income tax then don’t worry you still have time till May 17, 2024. So we recommend to file your taxes so that you can take benefit of claiming refund as well as take benefit of direct stimulus transfer.
Tracking Your Payment
If you’re anxiously waiting for your payment to arrive, there are a few ways to track its progress. The first option is to use the IRS’s “Get My Payment” tool, which is available on their website. This tool allows you to check the status of your payment and see when it is scheduled to be deposited or mailed.
If you have received a direct deposit for your previous economic impact payments, then you can expect to receive this one the same way. However, if you receive paper checks for your tax refunds or other government benefits, then you can expect to receive your payment in the mail.
Another option for tracking your payment is by creating an account on the IRS’s website. By doing so, you will be able to view your past tax returns, check the status of your payments, and update your information if needed.
What You Can Do With Your Payment
Once you have received your $1400 stimulus payment, you may be wondering what you can do with it. The answer is simple – there are no restrictions on how you can use this money. It is yours to spend as needed.
Some suggestions for using your stimulus payment include:
- Paying off bills or debts
- Building an emergency savings fund
- Making necessary purchases such as food, rent, or utilities
- Supporting local businesses by shopping or ordering from them
- Investing in your future through education or career development opportunities
Remember, this stimulus payment is meant to provide financial relief during these challenging times. It’s important to use it wisely and prioritize your needs.
Conclusion
In conclusion, the $1400 stimulus payment can be a valuable resource for individuals and families who have been impacted by the COVID-19 pandemic. Whether you are using it for immediate needs or saving it for future expenses, this payment can help alleviate some of the financial burdens brought on by the pandemic. Remember to stay informed about your payment status and use the funds wisely. And most importantly, stay safe and healthy during these uncertain times.