During the COVID-19 pandemic, Congress enacted three bills, which included the distribution of stimulus checks formally referred to as Economic Impact Payments, sent to millions of eligible Americans. These three payments amounted to over $3,000 per person, with the final disbursement occurring in March 2021.
Online rumors frequently circulate about the possibility of a fourth stimulus check. But what is the likelihood of receiving a fourth payment in 2024?
The distribution of Economic Impact Payments by the IRS, as part of America's Rescue Plan, has concluded after three rounds of checks. However, the emergence of discussions around a Fourth Stimulus Check occurred when certain websites published content regarding additional payments.
But IRS has officially stated that there will not be any further disbursement of $1400 checks. Despite this, the IRS acknowledges that over 600,000 individuals have yet to receive either partial or full payment. These individuals have the option to claim their $1400 stimulus money.
According to a report, although 476 million payments amounting to $814 billion was already released, many people are still struggling financially. Because of that, people are expecting to get another round of pay.
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Is There a Fourth Stimulus Check?
In November 2023, an Internal Revenue Service (IRS) spokesperson said that no additional stimulus payments are slated for distribution "at any time in the future."
Both the IRS and U.S. Department of Treasury websites, which provide details on obtaining the three preceding stimulus payments, make no reference to a potential fourth payment.
"The focus has shifted to economic recovery, and additional stimulus checks are not a part of current legislative agendas," Zack Hellman, the founder of Los Angeles accounting firm Tax Prep Tech told Newsweek. He said that it's unlikely for a new payment after four years from the pandemic.
For another stimulus check to be issued, Congress must pass legislation endorsing the payment, and President Biden must sign it into law. A review of congressional legislation reveals that such authorization has not taken place.
The initial trio of stimulus checks originated from legislation enacted by Congress and endorsed by the then-sitting president. The first $1,200 check was a component of the CARES Act, ratified in March 2020, followed by the second $600 check embedded in a spending package approved in December 2020. Subsequently, the third $1,400 check was integrated into the American Rescue Plan, sanctioned in March 2021.
In November 2023, the IRS issued a reminder, affirming that individuals who did not receive one or more of the original federal stimulus payments remain eligible to claim them. To secure a missing stimulus payment, taxpayers must file a tax return for either 2020 or 2021, or both, and assert the Recovery Rebate Credit.
Typically, individuals must file a Recovery Rebate Credit claim for 2020 by May 17, 2024, according to the IRS spokesperson. The deadline for filing a 2021 claim is generally April 15, 2025.
Direct Payments Still Accessible
While the likelihood of receiving federal stimulus checks may be low, it doesn't mean that Americans are devoid of opportunities for new direct payments.
Depending on your state of residence, you may qualify for additional funds through rebates or tax credits.
States such as Pennsylvania, Alaska, Massachusetts, Minnesota, Montana, New Mexico, Washington, and others have instituted various forms of relief for specific residents or taxpayers.
Residents of Pennsylvania, for instance, can avail themselves of an additional $1,000 through the state's expanded property tax and rent rebate program.
In 2024, Governor Josh Shapiro declared that elderly residents would see augmented financial support following his endorsement of Act 7 of 2023. This legislation broadened the Property Tax/Rent Rebate, leading to a more substantial tax reduction for seniors in Pennsylvania.
