If you’re one of the many Americans who has fallen behind on your taxes, now is the perfect time to get caught up and potentially receive a significant amount of money in the form of a Stimulus check. It is estimated that 9 to 10 million people who have not yet received their stimulus payments are still eligible. Are you one of them? The cost of becoming compliant, such as hiring a professional to help you with your taxes, can be covered by the money you receive from the stimulus check. In fact, you may even have money left over after paying for compliance costs. This is especially important for those who are considering renouncing their U.S. citizenship, as the stimulus money can significantly help cover the cost of renouncing. Don’t miss out on this opportunity to receive financial support and become compliant with the IRS. Read on to find out more about the eligibility requirements for stimulus checks, the benefits of being tax compliant, and the steps you can take to get up to date with the IRS.
WHAT IS A STIMULUS CHECK?
Economic Impact Payment, better known as Stimulus Check is a direct payment to American families that the U.S. government provided in response to COVID-19. Three stimulus checks have been paid out from April 2020 to December 2021:
- the first check provided up to $1,200 per eligible adult and $500 per eligible dependent child
- the second stimulus check provided up to $600 per eligible adult and dependent child
- the third stimulus check of up to $1,400 was made available per adult and dependent (there is no age requirement; dependent can be any age)
It’s not too late to claim any stimulus checks you might have missed!
You will need to file a 2020 tax return to get the first and second stimulus checks and a 2021 tax return to get the third one.
Depending on your status, you may be eligible to receive up to $3,200, or more if you have dependents. The actual amount of the payment is based on the individual’s filing status, adjusted gross income, and the number of qualifying children.
Article written by Olivier Wagner of 1040Abroad https://1040abroad.com/blog/stimulus-checks-why-2024-is-the-year-to-get-tax-compliant/
