$12,000 IRS Stimulus Checks in June 2024: Is This True and How To Apply for It?

12 000 IRS Stimulus Check June 2024 Is This True How To Apply for It

By Jackelyn Cornejo , Parent Herald Jun 04, 08:30 am

Photo: (Photo : ADEM ALTAN/AFP via Getty Images )

Social media currently disseminated rumors that the federal government would release $12,000 checks in June 2024, sparking both hope and doubt among Americans.

This rumor started from a parody site but rapidly spread and was believed by many. As the hoax was revealed, discussions about the 'Stimulus package' on platforms like Twitter and Facebook showed mixed reactions.

It is essential to depend on confirmed information and be suspicious of sudden, important financial opportunities from unconfirmed sources.

$12,000 IRS Stimulus Check Rumors

There are no reliable sources or official announcements from Congress, the White House, or the IRS supporting the claim of $12,000 stimulus checks.

These rumors likely stem from misunderstandings in online ads and social media aiming to drive traffic. Reliable sources confirm that no such significant payment has been suggested for all taxpayers.

As of June 2024, there are no new federal actions for stimulus checks or direct compensations to citizens. The last federal stimulus check was released in March 2021, with current support efforts including $1,400 compensations as part of a package signed by President Biden.

The government has recently focused on other economic concerns such as inflation, employment, and infrastructure. Future stimulus checks are not completely ruled out, but there are no current plans.

However, some states are releasing smaller compensations, with some like New York possibly doubling their declared amounts for the summer.

Everything You Need to Know About the $12,000 Stimulus Check

The $12,000 stimulus check is a government reimbursement accessible to qualified U.S. citizens through their income tax declaration. Known as the Earned Income Tax Credit (EITC), this action by the Internal Revenue Service (IRS) desires to give tax support to people and families with low to moderate compensations.

If you are eligible, the credit can lower your tax accountability and possibly increase the reimbursement.

Eligibility Requirements for the New Stimulus Check

To be eligible for this stimulus check, you must meet the following criteria:

Earned compensation must be lower than $63,398.
Investment compensation for the 2023 tax year must be below $11,000.
Possess an authentic Social Security number by the tax return due date for 2023, including extensions.
Be a U.S. citizen or dweller alien for the year 2023.
Not filing a Form 2555 connected to foreign-earned compensation.
Special rules apply if you are separated from your spouse and not filing a joint tax return.

For U.S. Military

Must receive non-taxable military pay, such as combat pay, subsistence, or housing allowances.
Must be stationed outside the United States.

For Ministers and Clergy

If the payment includes housing, the rental value must be included in the EITC calculation as self-employment compensation.
You can request an exemption from Social Security taxes by complying with Forms 4029 and 4361.
Report all employee-related compensation, including wages, salaries, tips, and other taxable compensations, as well as non-employee income such as self-employment earnings, fees for marriage ceremonies, and honoraria for speeches.

For Disabled Individuals

Disability payments can be included in the EITC if you received disability retirement benefits before reaching the minimum retirement age. After this age, these payments are not considered income.
Disability insurance payments are not considered earned compensation.
Social Security Disability Insurance, Supplemental Security Income (SSI), and military disability pensions do not count as earned compensation.

Stimulus Check Application Process

To apply for this stimulus check, you need to meet the qualification requirements and file a federal tax return using Form 1040 or 1040-SR (U.S. Tax Return for Seniors).

Note that claiming the EITC may postpone the tax refund. You can track the status of the reimbursement on the IRS's "Where's My Refund?" webpage or through the IRS2Go app.