As the fourth round of Stimulus checks is distributed, understanding qualification criteria is crucial, primarily centered on Adjusted Gross Income (AGI).
So far, nine out of the 20 states participating in the Economic Impact Payments program have begun distributing these stimulus payments.
Fourth Round of Stimulus Checks Introduction
The Internal Revenue Service (IRS) has outlined specific guidelines to identify eligible recipients. Four groups of individuals are entitled to receive aid, with the following AGI-based eligibility thresholds:
1. Individuals with an AGI of up to $75,000.
2. Heads of household with an AGI of up to $112,500.
3. Married couples filing jointly with an AGI of up to $150,000.
4. Parents or guardians who claim children as dependents are eligible for the child tax credit.
Individuals with AGIs that exceed these limits may still qualify for a partial payment. However, the maximum amount will decrease by $5 for every $100 by which the person’s AGI surpasses the upper AGI limit.
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Targeted State Stimulus Programs
Additionally, some states have introduced targeted stimulus programs for specific groups:
- Arizona’s Return to Work Program offers economic incentives to those entering new jobs, but recipients must retain their positions for at least eight weeks to receive payment.
- New York has established the “Excluded Workers Fund” to provide unemployment payments to individuals who lost their jobs during the COVID-19 pandemic and don’t qualify for other stimulus programs.
- Maryland is issuing stimulus checks to anyone who has filed for their 2019 Earned Income Tax Credit.
- Florida, Georgia, Michigan, Tennessee, and Texas are delivering a fourth stimulus check to teachers.
The amount of the fourth stimulus check varies between states and is dependent on the individual’s unique circumstances.
Regular stimulus payments range from $250 to $3,200, while incentives for special groups fall between $500 and $2,000. These varying amounts reflect the
differing state programs and eligibility criteria.
As the distribution of these fourth-round stimulus checks progresses, eligible citizens in these states will find much-needed financial assistance to help address the ongoing economic challenges resulting from the COVID-19 pandemic.
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