Is there a Stimulus Check in 2024? Check the latest updates here!

The federal government generally releases the stimulus check for US people during economic distress. The IRS has issued all first, second, and third stimulus payments under the Economic Impact payments. Now, there is a rumor about the fourth payment or stimulus payment in 2024, let’s decode this for you. 

Is there a stimulus check? 

In 2020, the federal government issued the Economic Impact payments to support US people struggling with economic stress due to COVID-19. The eligible recipients have received all the stimulus payments under the benefit. The government has continued the payment for three rounds and finalized the payment. 

Now, there have been rumors and talks in the news that US people will receive the fourth Economic Impact payment or stimulus checks from the federal government. The rumors have raised the hope of many millions of people and led to questions if this is even real or fake news. 

According to reports, the IRS has denied any such payments and warned US citizens about the scams. The IRS spokesman says that all the EIPs round of payments are complete and it has been sent out to more than 160 million US taxpayers as part of relief measures, so definitely, there is no fourth payment coming.  

IRS warns the citizens about the stimulus check scams 

The reports claim the fake stimulus payments news was directing the customers to the third-party site that harvests users’ data or collects referral fees in the pretense of survey or qualifying for the payments.

Most of these rumors originated from ads and social media trapping people in a scam with the new stimulus checks. The IRS has issued a warning for the same and warned the citizens to not believe in any such news, especially when it comes from third-party apps other than the governmental website.  

The scammers may misuse your details or clear your bank account, so be aware and focus on improving your financial position rather than depending on government assistance. 

How does a Stimulus check work?

The stimulus checks are direct payments issued by the federal government for the US people to boost their purchasing power during times of economic distress. It’s an effort made by the government to help the citizens in times of financial distress and to power up the nation’s economy. 

According to research by NBER, the stimulus check impacts the spending patterns of consumers, resulting in an increase in consumer spending that eventually boosts the economy, and creates more job opportunities. 

Only eligible people receive the stimulus check based on their tax filing status. The government has issued stimulus payments many times, such as During the COVID pandemic, when many people lost their jobs, many businesses were affected, and the nation’s economy was in turmoil. The government issued different amounts ($1200, $1400, and $500) to help the needy people through the CARES Act.  

But remember, the stimulus checks are very different from tax credits as they are introduced to boost the economy, whereas tax credits lower the tax liability of the individuals.

Who qualifies for a Stimulus check if it is true?

Generally, the stimulus checks follow the general criteria to offer financial support to US people, such as:

  • You must be a US citizen or a permanent resident of the US.
  • You cannot be dependent on anyone’s tax return. 
  • You must have filed your tax return for the previous years, for instance for 2024 payments, you must have filed a tax return for 2023 year. 
  • The adjusted gross income should not exceed the income threshold set for the payments, generally low-income and moderate-income earners are entitled to the stimulus checks.
  • The people who already qualify for some government benefits like EITC, child tax credits, etc may automatically become eligible to receive such payments. 

Can you still claim your third EIP payment? 

The IRS has issued all the economic impact payments to all eligible US people into their accounts. However, there have been reports that many people did not receive the third payment and the IRS has held the unclaimed payments. 

The reports claim that many people did not file their tax returns as they did not have any income to report to the agency during 2020, leading to unclaimed rebates. The EIP recipients can be sure of their missing payment through the EIP payment status. 

For people who have missed the third payment, there is still a chance to claim your third payment. The third payment was around $1400 for the EIP recipients. 

The IRS holds the unclaimed claims for three years for people, where they can file for the respective year’s tax return and claim their refunds. 

The US people eligible for the 2021 Recovery rebate credit can claim the return by filing their 2022 tax return to the agency. So, the last chance to claim the 2021 recovery rebate claim is to file the amended return for the 2021 year tax return in 2024, whereas for 2022 tax year is 2025. 

You can now only claim to file for the 2022 tax return in 2025 as the last to date to file for the 2024 taxes has passed. However, if you live in disaster-affected areas or have applied for the extension you still may have the chance to file your 2021 tax return. 

We suggest you inquire at the IRS first about this or talk to any tax professional who can guide you in this matter, before increasing your hope. 

The IRS has continuously denied the stimulus check rumors, so until you hear it officially from the government or IRS channels, it’s obvious no stimulus payments are coming for US citizens this year. 

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