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Fourth stimulus check could lift 7 million people out of poverty

Fourth stimulus check could lift 7 million people out of poverty

The third stimulus check alone, which was part of the U.S. Rescue Plan, will reduce the number of people in poverty to 11.4 million.

A fourth stimulus check could lift more than 7 million people out of poverty, according to a new analysis by the Urban-Brookings Tax Policy Center.

According to the study, the third stimulus check that was part of the American Bailout Plan will reduce the number of people in poverty to 11.4 million.

“Another round of payments could lift an additional 6.6 million to 7.3 million people out of poverty, depending on whether the payment was restricted to citizens or made available to everyone,” the group wrote in its white paper, according to Fox 8.

It should be noted that although there are legislators promoting a fourth stimulus check, it has not yet been officially proposed.

As for the third stimulus check, it began being mailed to many people on March 26.

If you have not yet received your check, you should have it by April 7, according to the IRS.

If you want to keep track of your USPS mail delivery, you can use Informed Deliver, which allows you to track USPS deliveries.

IRS urges low-income taxpayers who do not file taxes to do so this time to receive third stimulus check

The IRS has no way of locating millions of low-income people so they are urging them to file a tax return in order to process the third $1,400 stimulus check.

The Internal Revenue Service (IRS) urged low-income Americans who are not required to file taxes and do not receive benefits under government programs such as Social Security to submit their tax information by May 17 in order to process their third $1,400 stimulus check payment.

“People who do not normally file a tax return and do not receive federal benefits may qualify for these economic impact payments. This includes the homeless, the rural poor and others. For those eligible individuals who did not receive a first or second economic impact payment or received less than the full amount, they may be eligible for the 2020 Refund Recovery Credit, but will need to file a 2020 tax return. See the special section on Claiming the 2020 Refund Recovery Credit if you are not required to file a tax return,” the IRS explained in a statement on its website Friday.

The “American Rescue Plan” that passed last month in the federal Congress grants the full $1,400 payment plus the same amount for dependents (regardless of age) to those earning $75,000 or less in adjusted gross income; $150,000 or less, in the case of married couples. In the case of female heads of household, the maximum amount for receiving the full payment in the third round is $112,500.

“The IRS reminds taxpayers that the income levels in this new round of economic impact payments changed. This means that some people will not be eligible for the third payment, even if they received a first or second economic impact payment or claimed a 2020 Refund Recovery Credit. Payments will begin to decrease for people who earn $75,000 or more in adjusted gross income ($150,000 for married filing jointly). The reduced payments end at $80,000 for individuals ($160,000 for married filing jointly); people with adjusted gross incomes above these levels are not eligible for a payment,” the agency added.

Although the income eligibility rules were changed in the Senate version of the bill, for low-income Americans, the provisions will not alter the chances that they will receive the full payment along with the extra credit for each dependent over or under the age of majority.

For many people who are not required to file taxes, the full amount applies to them because they generate very little or may not be generating income as in the case of the homeless.

Last year, the agency enabled the “Non-filers” tool on its website for non-filers to enter their personal information and the first $1,200 stimulus check could be processed.

However, for the second and third rounds, that option is no longer available, and filers must make the claim through a tax return in which they can also request disbursement of previous payments due through the so-called “Refund Recovery Credit.”

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