Didn’t Get Your $1,400 Stimulus Check Yet? See If You Even Qualify

Didn’t Get Your $1,400 Stimulus Check Yet? See If You Even Qualify

The payments phase out much more quickly than in previous rounds

The Internal Revenue Service and U.S. Treasury have announced via their latest update that more than twenty-five million coronavirus stimulus checks worth $36 billion have been disbursed this week to cash-strapped Americans.

To date, this fourth batch of stimulus checks now brings the total number of payments to 156 million worth $372 billion. In all, about 85 percent of stimulus checks sent so far have been direct deposited in bank accounts, the IRS noted.

While millions of U.S. taxpayers already have gotten their hands on the latest round of payments, there are still plenty of individuals who have yet to see a dime from the much-needed stimulus funds.

These unlucky folks should realize that roughly sixteen million people who qualified for the second round of payments might not be eligible this time around. Thus, it would be keen to take the time to see if they even qualify.

Here is a quick rundown: Individuals who earn as much as $75,000 in adjusted gross income (AGI), or couples making $150,000—in addition to their children or adult dependents—qualify for the full $1,400 per individual.

Single parents with at least one dependent who earn $112,500 or less also get the full amount. And families in which some members have different citizenship and immigration classifications are eligible for a payment, if at least one person has a Social Security number.

The payments, however, phase out much more quickly than in previous rounds—an individual with an income of $80,000, or a couple with $160,000, will receive nothing.

For those who are indeed eligible to receive a stimulus check based on the current AGI, then they can calculate what they should be getting here. According to the details of the American Rescue Plan, the maximum payout all depends on how many dependents one has.

For example, let’s say that one qualifies for the maximum amount based on their AGI, and that they are a family of two adult joint filers with one dependent. In this scenario, they would be eligible to receive a total of $4,200. With two dependents, the check would rise to $5,600, with three dependents $7,000, and so on. Having five dependents would net the recipient a shade below $10,000.

Those who are still seeking a more concrete date on when the payment will arrive, know that they can always log on to the IRS “Get My Payment” tool.

However, be aware that some individuals will receive a message that says, “Payment Status Not Available.”

“If you get this message, either we have not yet processed your payment, or you are not eligible for a payment,” the IRS says. “We will continue to send the 2021 Economic Impact Payment to eligible individuals throughout 2021.”

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters.