There are up to 9 states that have said that they will send a fourth round of stimulus checks. These payments will be through the Economic Impact Payments and they will pay close attention to your Adjusted Gross Income to see if you qualify or not.
The IRS (Internal Revenue Service) has made it clear what the requirements are for this stimulus check. For example, married couples will have a higher income threshold than a single person.
Filing jointly will allow you to cash an Adjusted Gross Income of up to $150,000. Half that amount will be the maximum amount an individual filing on its own can receive.
What is the Adjusted Gross Income an individual can receive to get the 4th stimulus check?
A person who files singly can have a maximum Adjusted Gross Income of up to $75,000. By now, you must be wondering if a head of household has a different amount.
As a matter of fact, if you are a head of household your Adjusted Gross Income can be up to $112,500. Being guardians or parents who claim a child or more as a dependent and qualify for the child tax credit may be eligible for this free money.
Do not worry if you exceed the limits of the Adjusted Gross Income set by the IRS. It may still be possible to get a reduced stimulus check payment. Exceeding the limit by every 100 dollars reduces your check by 5 dollars.
Make sure you meet all the requirements to get a payment which can definitely boost and improve your financial situation. Some people may not have claimed their 3rd stimulus check yet, and still have time to do so.
What are the possible amounts for the 4th stimulus check?
Eligible Americans can receive a payment ranging from $250 and up to $3,200. As a matter of fact, the exact amount will depend on several factors and where you live.
Therefore, you may get a higher or smaller stimulus check depending on your earnings. Some states may have different ways to calculate your amount so it may affect your stimulus check too.
Apart from this 4th round of stimulus check payments, it is always advisable to pay attention to other tax credits or tax rebates. For example, if you live in Alaska, do not miss out on PFD checks.
The next payment from the PFD in Alaska will be sent on November 16. As for the amounts, they can be a stimulus check worth $1,312. Alabama, Arizona, and Virginia also have some free money coming soon.