Stimulus checks are designed to increase consumers' spending power, promote economic growth, and help individuals cope with unemployment, reduced income, or other economic hardships.
Amount: The amount varies by program. For example:
- First round in 2020: up to $1,200 for each eligible adult, $500 for children.
- Second round in 2020: up to $600 per person.
- Third round in 2021: up to $1,400 per person.
Eligibility:
- Generally based on income level (Adjusted Gross Income, AGI); the higher the income, the lower the check amount may be or it may be eliminated.
- Must be a U.S. citizen or legal resident with a Social Security Number (SSN).
- Certain groups (such as non-filers, students, or dependents) may not qualify or may have their guardians claim it.
Distribution methods:
- Direct deposit into bank accounts (most common).
- Mailing paper checks or prepaid debit cards.
Tax-related: Stimulus checks are considered "refundable tax credits," typically not subject to tax and do not count as taxable income.
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