IRS Begins Distributing $1,500 Stimulus Checks to Over 30 Million Americans

The IRS has started distributing $1,500 stimulus checks to over 30 million eligible Americans, with payments expected in May 2024. Eligible households must meet certain income criteria, with single filers earning below $75,000 and joint filers earning below $150,000 qualifying.

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Aqsa Younas Rana
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IRS Begins Distributing $1,500 Stimulus Checks to Over 30 Million Americans

IRS Begins Distributing $1,500 Stimulus Checks to Over 30 Million Americans

The Internal Revenue Service (IRS) has started distributing $1,500 stimulus checks to over 30 million eligible Americans, with payments expected to be sent out in May 2024. The stimulus checks are part of the government's ongoing efforts to provide assistance to individuals and families affected by the COVID-19 pandemic and the resulting economic crisis.

Why this matters: This stimulus package has the potential to provide a much-needed lifeline to millions of Americans struggling to make ends meet, and its impact could be felt throughout the economy as recipients spend their stimulus checks. Furthermore, the success of this program could influence future policy decisions regarding economic stimulus and relief measures.

To be eligible for the stimulus checks, households must meet certain income criteria. Single filers with incomes below $75,000 and joint filers with incomes below $150,000 qualify for the payments. The IRS has been working closely with the Treasury Department and the Bureau of the Fiscal Service to ensure the timely distribution of these critical funds to those in need.

The stimulus checks are just one component of the comprehensive relief measures provided by the American Rescue Plan. In addition to the direct payments, the plan has extended employment assistance, waived federal taxes on unemployment benefits, increased the Child Tax Credit, and established the Emergency Rental assistance, state, local, tribal program to aid households struggling to pay rent or utilities.

Eligible individuals who have been regularly paying Social Security taxes can expect to receive the stimulus checks along with potential increases in their Social Security benefits. Social Security SSI and SSDI recipients may receive $1,200 plus an additional $2,400 in May 2024. Furthermore, cost-of-living adjustments (COLA) could lead to a $200 monthly increase in Social Security benefits, amounting to $2,400 annually.

The stimulus checks and the American Rescue Plan build upon the foundation laid by the CARES Act, which was passed into law in 2020 and provided $2 trillion in relief to eligible US citizens. As the nation continues to grapple with the ongoing challenges posed by the pandemic and high inflation rates, these financial support measures aim to provide a lifeline to millions of Americans in need.

The Social Security Administration (SSA) has set up an official online portal at www.ssa.gov to provide updates and information related to the stimulus checks and Social Security benefits. Individuals can visit the website to check their eligibility requirements and payment details under the "$1200 + $2400 Social Security Eligibility 2024" section.

As millions of Americans eagerly await the arrival of the stimulus checks in May 2024, the IRS and other government agencies remain committed to ensuring the smooth and efficient distribution of these vital funds. The stimulus checks, along with the potential increases in Social Security benefits, offer a glimmer of hope and financial relief to those hit hardest by the ongoing economic challenges.