Second Stimulus Check

In a bid to stimulate economy, the United State government sends a check to the taxpayers which are known as stimulus check. These checks are given to them to provide spending power. Since, it plays an important role in spurring the economy, the taxpayers receive this money.

Depending upon the taxpayers' filing status, often these checks are sent through mail on several occasions.

Generally, joint taxpayers receive twice compare to those who files singly. Some people who haven't paid their back taxes often see their stimulus check automatically applied to their outstanding balance.

So far, the US government has approved two rounds of stimulus check 2021 as the COVID-19 pandemic brought their economy to standstill like any other countries.

Reportedly, the first round of stimulus check were stored by the people or kept secretly or they used it to pay off debt. As per the data from the Federal Reserve Bank of New York, people less than one-third only used these checks for essential and non essential purchases.

As per the media reports, the former US President Donald Trump signed off a on a $900 billion relief package where additional $600 stimulus checks were also allotted for the American people.

According to Internal Revenue Service (IRS), more than 100 million stimulus checks had been sent directly into the bank accounts by 8 January.

When it comes to second stimulus check, the US government had started sending the checks to people following the approval of the legislation of by the House of Representatives and the Senate. It was signed by the president which turned the legislation into a law in December 2020.

The relief package worth $900 billion under certain limit authorizes $600 stimulus checks for adults plus $600 for each child. Taxes file by Couples jointly, can receive up to $1,200.

Reportedly, $1,200 checks were already sent out earlier this year.

The first 2 trillion incentive package, known as the Coronavirus Assistance, Relief and Economic Security Act, or CARE Act, was signed into law on March 27. It provided taxpayers 1,200 if their optimal total income is $ 75,000 or less. If you and your partner apply together and earn up to $ 150,000, you will receive $ 2,400. If you apply as head of household, you will receive 2, 2,400 if you earn $ 112,500 or less.

Also read:High Dividend Yield