The Internal Revenue Service (IRS) is set to surprise a million Americans with unexpected cash. The money comes as part of the $1.9 trillion stimulus package signed into law by President Biden in March. Recipients may not have expected to receive a payment because they didn’t file a 2020 tax return, or the IRS didn’t have their direct deposit information.
California residents are also in line for a surprise. The state is sending out $1,400 stimulus checks to those who qualify. Requirements include having had a full-time job in California in 2020, or a part-time job but with earnings of at least half the full-time minimum wage, and meeting income thresholds. Those who didn’t receive the federal stimulus checks automatically will also get a California check.
The IRS is also set to issue payments of up to $1,400 as part of the American Rescue Plan. The payments are phased out for individuals with adjusted gross income above $80,000 and married couples filing jointly with incomes above $160,000.
In a unique twist, the U.S. government is launching a credit program offering up to $2,000 for citizens who meet certain criteria. The program aims to boost economic recovery and provide relief to those affected by the COVID-19 pandemic.
Adding to the unexpected payments, the IRS is planning to send out last-minute stimulus checks of up to $1,400 before the end of the year. These checks are being sent to individuals who haven’t received a stimulus payment yet and may not have been aware they qualified.
As always, it’s recommended to stay informed about any financial assistance you may be eligible for, and to file your taxes promptly to ensure you receive any payments you’re due.
