The White House recently announced updates on the economic stimulus checks, sparking widespread interest and activity online. CNN has been at the forefront of covering these developments, keeping the public informed about the third round of direct payments.
The latest CNN news on stimulus checks indicates that millions of Americans are set to receive these payments, with some modifications from previous rounds. Here's a comprehensive breakdown of the updates.
Eligibility and Payment Amounts
The American Rescue Plan, signed into law by President Biden in March, includes provisions for a third round of stimulus checks. The income threshold for receiving a full payment has been adjusted to $75,000 for individuals and $150,000 for heads of households.
Based on the latest CNN updates, payment amounts have also been increased. Eligible individuals will receive up to $1,400, while couples filing jointly can receive up to $2,800 plus $1,400 per qualifying dependent.
Plus-Up Payments
A new type of payment known as "Plus-Up" payments has been introduced. These payments will go to individuals or families who received less than the full amount based on their 2020 tax returns but now qualify for more based on their 2021 tax returns.
CNN reports that the IRS is reviewing tax data and will automatically send Plus-Up payments to those who qualify. However, individuals may also need to update their information with the IRS to ensure they receive the full amount they're eligible for.
Dependent Payments
One of the significant updates in CNN's stimulus check coverage is that mixed-status families will now be eligible for stimulus payments. Mixed-status families are those where some members have Social Security numbers while others do not.
Furthermore, college students and individuals with disabilities who were previously not considered dependents will now qualify for additional payment. Parents will receive $1,400 for each eligible dependent, regardless of age or college status.
Timeline and Method of Delivery
The IRS has begun sending out the third round of stimulus checks, with payments being delivered via direct deposit, paper check, or Economic Impact Payment (EIP) card.
According to the CNN stimulus check update, payments have started going out to those who file 2020 tax returns first. The IRS has also shared a Get My Payment tool on their website to help taxpayers track their stimulus payment status.
Non-Filers and Those Missing Payment
Non-filers, including those who don't normally file tax returns, can use the IRS's non-filers tool to provide the necessary information to receive their stimulus payment. Those who received less than they believe they were entitled to can claim the Recovery Rebate Credit in their 2020 tax return.
CNN has also reported that some Americans may still be waiting for their second stimulus payment. The IRS recommends checking the Get My Payment tool or the agency's payment status tracker to ensure they have the most up-to-date information.
The CNN coverage of the stimulus checks update underscores the importance of staying informed and engaged during these unprecedented times. As the government continues to disburse funds, it is crucial for individuals to understand their eligibility and how to ensure they receive their full payment.