The Rescue Plan Act will definitely bring in some cheer via tax credits that help families who suffered during the pandemic.
The new bill prosed by the government had raised hope among the citizens of getting more help in the form of the relief fund. It has to be noted that many of them won’t get their hopes dashed and expect some additional aid during the taxing season.
The need for recurring stimulus checks
The extra help is sure to go a long way with families who are still counting on the aid. A petition to get some stimulus checks of $2000 per month for adults has garnered a positive response as 3 million have signed up to take it forward. The senior citizens’ groups have also separately put in their petition for $1400 stimulus checks. All this and more to avoid the downside of inflation and other effects that COVID-19 has caused.
A letter addresses the US president and some Democrat leaders recurrently pushing for the stimulus checks. The support is likely to bear fruit though no date issued for the fourth stimulus check should have reached the beneficiaries by now. Though hope is not lost, and the wait continues.
The stimulus money is a big deal for the majority of the beneficiaries looking forward to the recurring stimulus checks that will help get back on track after two very bad years of the pandemic, which wiped away earning resources.
How stimulus checks were handed out
The individuals receiving the stimulus checks will have to wait until the Recovery Rebate Credit gets calculated and imposed on those beneficiaries. The three initial stimulus checks were $1200, $600, $1400, given during the three pandemic waves.
The payments made through stimulus checks were through certain criteria set up, such as the income of thresholds of the beneficiaries. Also, families with dependents varied. In this tax season, those who couldn’t get their payments of $1400 even after qualifying have another chance at filing. A few of them might get extra money if there was a reduction in income in the past year or an addition of a dependent in their family.