Written by Colleen Miller, Graphics by Colleen Miller
The COVID-19 vaccine signifies hope on the horizon for life returning to normal. But what about now? Concerns for economic recovery weigh on many Americans’ minds.
The Internal Revenue Service (IRS) is issuing a third phase of Economic Relief Payments intended to help those struggling financially due to COVID-19. Between March 1 and 24, 127 million Americans have received stimulus checks.
Those filing independently and earning up to $75,000 and those filing jointly with a combined income of up to $150,000 will receive the full $1,400 payment. The $1,400 stimulus will be reduced for individuals earning between $75,000 and $80,000 annually, and joint accounts, earning between $150,000 and $160,000 annually. Stimulus checks are unavailable to individuals with incomes more than $80,000 and married couples with incomes more than $160,000.
COVID-19 relief payment eligibility is based on an individual’s most recently processed tax returns. For some, this may be 2019 and for those who filed early, this may be 2020 tax returns. If you were ineligible to file your tax returns in 2019, tax experts recommend filing for 2020 as soon as possible with hopes it will be processed by the IRS in time to receive a stimulus check this year. Tax Day 2021 has been extended from April 15 to May 17, giving Americans more time to file.
College students are eligible for a stimulus check if they meet the gross income requirements and file either independently or jointly. College students who are claimed as a dependent will not receive a check. That being said, if your parents, or whoever claims you, qualifies, they will receive an additional $1,400 per dependent.
Use the IRS “Get My Payment” tool to check the status of your stimulus payment or to see if you qualify.
