As the economic impact due to inflation post pandemic continues to loom over the world, discussions around a potential fourth wave of stimulus checks are going out to create a buzz in USA. While previous rounds provided much-needed relief to millions of Americans, the ongoing challenges faced by individuals and families are calling for additional financial aid. To address these issues and provide financial relief to individuals and households, the government is planning to initiate a fourth wave of stimulus checks.
With the distribution of these stimulus checks, authorities aim to provide much-needed funds into the economy as a response to mitigate the inflation and contribute to the overall well-being of the population. This article would dive into the details surrounding the fourth wave of stimulus checks.
Fourth Wave of Stimulus Checks
People who are old are dependent on others due to their age and are not able to get any work at their age. These people cannot do everyday, simple tasks at their age. At some point, it becomes difficult for them to be physically, emotionally, and financially dependent on others. This is why they are waiting for IRS Tax 4th Stimulus Check 2024 benefit amount.
To make older generation of America financially stable and to boost the economy the US government has decided to put out some amount in the form of monthly payment for these people. They have taken this matter seriously so that older people can live their life with dignity. This reliving public fund will help them in many ways like paying for loans or basic amenities and will make them financially independent.
Overview of Fourth Stimulus Checks
| Name | Fourth Wave of Stimulus Checks |
| Country of Origin | USA |
| Regulating body / Department | IRS |
| Year | 2024 |
| Category | Government Aid – Finance |
| Objective | Financial relief to families affected due to inflation. |
| Target persons | Low-income households
Old Age/Senior people Retirees Disabled Children |
| Payment Type | Fourth Stimulus Checks (Expected) |
| Payment Mode | Online – Direct Payment
Offline – Paper Checks, Economic Impact Payment Cards. |
| Website | irs.gov |
History of Stimulus checks in US
The COVID-19 pandemic triggered three waves of stimulus checks. Let’s revisit their highlights:
Round 1 (April 2020): The CARES Act delivered up to $1,200 per person, with additional amounts for families and $500 for children. It aimed for immediate relief during economic shutdowns.
Round 2 (December 2020): The Consolidated Appropriations Act offered smaller $600 payments both to each income tax filer and each child to bridge the gap until further recovery measures.
Round 3 (April 2021): The American Rescue Plan Act provided up to $1,400 for each individual and dependent, regardless of age. It aimed for supporting families facing continued hardship.
These over 476 million payments, totalling $814 billion, served as a boon for many Americans managing the financial crisis and helped in supporting families to stabilize the economy during challenging situations.
Eligibility criteria for Fourth Wave of Stimulus Checks
Based on past stimulus checks, 3.2% COLA increase and general economic principles, here’s a possible scenario:
- Income Limits (AGI):
| Types | Threshold Amount (Based on past stimulus check and adjusted after COLA percentage) | Elimination Amount (Based on past stimulus check and adjusted after COLA percentage) | |
| Starting amount | Income Threshold Amount | ||
| Single | $78000 | $88,000 | $104,000 |
| Married couples filing jointly | $156,000 | $176,000 | $208,000 |
| Head of Household | $116,000 | $132,000 | $156,000 |
| Dependents | $520 | N/A | N/A |
Elimination amount refers to the income level at which the stimulus check amount starts to decrease gradually before reaching zero at the final income threshold.
Starting amount refers to the minimum amount from at which the stimulus check amount starts to decrease.
Income Threshold Amount refers to the maximum amount at which the stimulus check amount reaches to 0.
- Social Security recipients: Automatic qualification based on income information.
- Tax filing: Requirement to verify income and eligibility.
- Economic factors: Depending on economic circumstances at the time, additional criteria like job loss, industry impact, or specific financial hardship can be considered.
- Dependents: Children under 17 automatically qualify for additional payments if they are considered as dependents.
Latest Update on Fourth Wave of Stimulus Checks 2024
People have been waiting patiently for the 4th Wave of Stimulus Checks 2024 and are expecting an announcement from the officials, but the Congress is yet to decide on the process, amount, and formal date for the money distribution.
Potential Payment Amounts for Fourth Wave of Stimulus Checks
Total Payment: If the income is below threshold level, then one can expect full payment.
Phase-Out: If an individual falls within the income threshold amount range, the payment amount will gradually decrease as their income grows.
Partial Payment: Individuals who fall inside the starting amount range may still be eligible for a partial payment, but with a limit on how much they can get.
Base Amounts (adjusted after COLA):
| Type | Approximate Amount (Based on 3rd check and COLA increase in 2024) |
| Single | ~$1444.8 |
| Married couples filing jointly | ~$2889.6 |
| Head of Household | ~$1135.2 |
| Dependents | ~$520 |
Fourth Wave of Stimulus Checks Payment Modes
- Economic Impact Payment Cards (EIP Cards): IRS issues these cards to those individuals who in past had issues getting checks through postal mail or direct deposit due to incorrect or changed address.
- Paper Check: If the individual doesn’t have a bank account or IRS was unable to find bank account information, then they can receive paper checks from IRS through which they can withdraw cash, though the process can be slow.
- Direct Deposit: The quickest way to receive the stimulus checks. IRS uses the tax filer’s bank account information to transfer the stimulus checks directly to the bank account.
Steps to Check Fourth Wave of Stimulus Checks 2024 Status
If the fourth wave of stimulus checks gets activated by the government, then one can follow the following steps to check:
- Firstly visit the official IRS website.
- Once you reach the home page, then log in using your login credentials.
- If you are a first-time user, then create an account through ID.me and then log in.
- This will take you to the respective IRS Dashboard.
- Enter your social security number (SSN) or tax ID and click the submit button.
- You will now be directed to a new page.
- You can look for the link to check IRS Tax Fourth Stimulus Check payment status here if the link is activated.
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