New headlines are teasing a fourth stimulus check heading to your address. However, make no mistake: the President's Administration and Congress have not approved a fourth round of stimulus check payments. Fortunately, eligible Americans could still expect a different wave of relief payment.
The fourth stimulus check has been a hot topic for debate on both the government and the internet. Reports warn you against reading fourth stimulus check trackers and fake news that could be misleading. The fact is that three prominent proposals for the fourth stimulus check are being submitted.
- A total of 21 Senators wrote a letter addressed to the White House for "recurring direct payments and automatic unemployment insurance extensions."
- An online petition aiming for 3 million signatures proposing for "$2,000 per month recurring payment for the American people that should last for the duration of the crisis."
- Ways and Means petitions that "A fourth stimulus check would surely help families pay their food, houses and current debt."
Note that as of time of writing, none of these proposals have been approved.
Possible $2000 Payment, Timeline, and More Details
Even without the fourth stimulus check, eligible American families are expected to receive a lot of money within these next few months, extending up to next year, if you know where to look. The payments should come through recovery rebate credit, tax exemption policies, double tax refunds and plus-up payments. Submit your eligibility requirements properly, and you could receive several benefits.
To receive the money, you should immediately file your 2020 tax returns and prepare for the 2021 tax filing. Online tools from the IRS should help make your filing easier and faster, so you could immediately notify the government to send out your money.
As for the timeline of the fourth stimulus check, our previous report noted that if a bill would be approved, it might take another two weeks to process the payments before IRS could send them out. However, since the IRS is still sending tax refunds this summer, don't expect the new payment to move forward--if there is any at all.
Double Tax Refunds and Plus-Up
Many Americans received their stimulus check (first, second and third wave) money based on their 2019 tax return. That is approximately two years' worth of outdated information! If you recently lost your job, gained a new dependent, or other similar circumstances, then you are entitled to receive more money than you expected.
The government reported that over $1.3 billion unclaimed tax returns for 2017 alone. More money is expected to go out for the "Plus-up" payments from the stimulus checks. In a quick overview, this is how much money you should receive if you are an eligible American tax filer:
- Stimulus Check Payments and Recovery Rebate Credits
- $300 Weekly Unemployment Compensation
- $16000 Child Care Expenses Monetary Support
- $10200 Tax Exemption and Unemployment Compensation
How to Get the Stimulus Money
As mentioned, you need to complete filing your Tax Returns so the IRS could check if you are eligible to receive the money listed above. You might be required to submit Forms 1040, 1040-SR, 1040ES, 1040V, amended returns 1040-X, and extensions 4868. Lastly, be sure to keep the Notice 1444-C you might have received from the previous stimulus check payments.
Related Article: Child Tax Credit Tracker: How to Get the $3600 Per Child in One Lump Sum Payment