Is a $2000 stimulus check from the IRS on the way?

$2,000 Stimulus Check

Over the past couple years, taxpayers have received varying stimulus checks (Economic Impact Payments) dependent on certain qualifications. Under the first Trump administration, and in response to the COVID-19 pandemic, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) provided eligible individuals with up to $1,200, plus an additional $500 per qualifying child under age 17 in 2020, a press release mentions. Married couples were given up to $2,400, notes PhillyBurbs. Payments were reduced for those with an adjusted gross income of less than $75,000 or married couples who filed a joint return and earned $150,000. Later that year, in December 2020, a second round of payments was issued under the COVID-related Tax Relief Act, providing up to $600 to qualifying individuals; $1,200 to married couples; and $600 per child under 17.

A third stimulus check was sent out in March 2021 allowing eligible individuals to pocket $1,400 under the American Rescue Plan Act of 2021, according to information shared by the IRS. Married couples filing jointly would receive $2,800, with $1,400 sent for each qualifying dependent, which includes adult dependents. The deadline to apply for all the aforementioned stimulus checks has passed. Those missing their third check or who qualified for more than they received were given a final opportunity to file their 2021 return by April 15, 2025.

Separately, some individuals have received inflation relief checks from state governments, which were awarded to those who paid higher sales taxes as a result of inflation. For over 8 million New Yorkers, this meant a one-time payment totaling up to $400.

“The cost of living is still too d-mn high, so I promised to put more money in your pockets — and we got it done,” Gov. Kathy Hochul said during an announcement in April, per the Governor’s Press Office.

Additionally, states such as Pennsylvania, Georgia, California, Florida, and Colorado are also offering residents “rebate checks” or other forms of inflation relief with varying qualifications, per PhillyBurbs.

Is One On The Way?

Now it is rumored another wave of financial relief could be on the way from the IRS through a fourth stimulus check speculated to be $2,000, the outlet says. However, at the time of this writing there has not been an official announcement from Congress and the IRS to support these claims, only proposals.

If a fourth round of checks valued at $2,000 were to be approved, it would likely follow similar criteria of being allocated to those individuals earning under $75,000 or married couples who filed jointly and earned $150,000, mentions Marca. For those who earned more, their payments would incrementally decrease; and those who earned over $99,000 (or $198,000 for a child-free couple) would be excluded. Recipients under Social Security, SSI or SSDI, as well as railroad workers would likely receive payments automatically.