In June 2024, the U.S. Federal Government started a new social support program that was meant to help thousands of families get by financially. As part of the program, $8,700 stimulus checks are sent to people who are having trouble paying their bills because of the COVID-19 outbreak.
The $8,700 Stimulus Checks Program is meant to help people who are having trouble with their money because of the global financial crisis and rising costs of living. Through regular payments, this program makes sure that the families who have been most affected by the epidemic will continue to get help. People who file as individuals and make less than $75,000 a year or as a married couple making less than $150,000 a year can get the full payment.
Requirements
The Federal Government has set clear requirements for people who want to get the $8,700 stimulus checks. Single filers must have an Adjusted Gross Income (AGI) of no more than $75,000, among other things.
- Married people who file jointly must have an AGI of at least $150,000 to make the full payment. People whose AGI is more than $198,000 will get half of what the others get.
- Parents must claim their children as dependents on their most recent tax return and make sure the children have proper Social Security cards.
People should go to the official IRS website for more information on who is eligible.
Schedule for Stimulus Check
As part of the new stimulus plan, families who qualify would get $8,700 every month. To figure out how much to pay, the AGI from tax returns for 2022 and the number of eligible dependents are used. The first payment is due on June 15, and each month after that, on or around December 15, 2024, the payments will be made as agreed as per MSN.
Amount of Check
People with an AGI of less than $75,000 (single filers) or $150,000 (married couples filing jointly) can get a limit of $1,450 a month. This adds up to $8,700 a year for a family with one qualified child. People who make more money will gradually have their payments go down.
Conclusion
The Internal Revenue Service (IRS) is in charge of making sure people are eligible and giving out money. If you put your bank account information on your most recent tax return, the IRS will send these monthly amounts directly to your account.
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