Stimulus Checks in 2024 – Eligibility and Due Dates
Updated on June 25, 2024 / 4 min read
When a country’s economy experiences instability, it can be distressing for both the citizens and the government to cope. To handle such financial situations, the government offers stimulus packages, which can provide a little financial aid to individuals. Stimulus checks are a key component of these packages. For 2024, the government has announced a couple of stimulus checks, which they will be issuing to citizens who meet the eligibility criteria.
What is a stimulus check?
In times of economic crisis, it becomes a priority for the federal government to try and make the nation’s economy stable again. To achieve this, the government offers stimulus checks to eligible taxpayers. By providing these stimulus checks, the government aims to accomplish two things –
- to provide much-needed financial assistance to eligible citizens
- to encourage them to continue spending money, which will ultimately help the country’s economy.
For instance, due to the financial and social hardships people experienced in the past few years, the federal government sent three rounds of stimulus payments to eligible taxpayers to address the economic crisis.
A stimulus check can be issued as a physical or paper check, or citizens can even receive the amount directly into their bank accounts.
Receiving stimulus checks in 2024
The government issued three stimulus checks for eligible citizens in 2020. Among all those eligible individuals, those who had not yet claimed their stimulus payments could still receive those for up to three years, as per the Internal Revenue Service (IRS).
1. The first and second stimulus checks
Since the IRS gives individuals up to three years to file for their stimulus check claims, eligible citizens could receive the first checks in 2024. The IRS announced that eligible individuals could file their tax returns by May 17, 2024, to receive the first two stimulus checks. The total amount one can receive with these two stimulus checks can be up to $1,800.
To be eligible for receiving the first two checks in 2024, individuals needed to meet certain eligibility criteria.
- Individuals must have been citizens of the country in 2020. Individuals who were citizens of the country in 2020 but resided elsewhere were also eligible for the check.
- Individuals must also not have been dependent on another taxpayer for that year (2020).
- Individuals should have had a Social Security number issued before the due date of filing returns.
2. The third stimulus check
If one has missed the tax filing due date for receiving the first and second stimulus checks, one is still eligible to receive the third stimulus check that was issued in 2021. This rebate fund can offer eligible individuals financial relief of up to $1,400. The third stimulus check was originally sent out in March 2021. So individuals still have time to file their claims. And since the first two stimulus checks can no longer be claimed by individuals who missed their deadline, receiving the third stimulus check might be their last chance to get these relief funds from the government. The due date set by the IRS to file tax returns to claim this check is April 15, 2025. Individuals can file the returns quicker to receive their checks sooner.
To receive the third stimulus check, individuals must meet eligibility criteria similar to those for the first and second checks.
- Individuals must have been citizens of the country in 2021. Individuals who were citizens of the country in 2021 but resided elsewhere are also eligible for the check.
- Individuals should not have been dependent on another taxpayer during 2021.
- Individuals should have been in the preset income limit for the 2021 tax return. The eligible income limit for taxpayers for that year is up to $75,000 for single filers, $112,500 for heads of households, and $150,000 for joint filers.
- Individuals should have a valid Social Security number issued before the due date for filing income tax returns.
Streamlined procedure
Individuals who reside elsewhere in the world but are still official citizens of the country can also claim the relief packages. But when they file tax returns, they must also ensure that they report their foreign assets. If one misses out on doing that, one can incur penalties. But with the help of the streamlined procedure provided by the IRS, one can file tax returns without those penalties. With the streamlined procedure, expats can file three prior tax returns and six FBARs (Reports of Foreign Bank and Financial Accounts). To be eligible for filing streamlined procedure, individuals must meet certain criteria.
- Individuals should not have had a primary residence in the country for at least one out of the last three years.
- Individuals should have been living outside of the country for at least 330 days of those three years.
- Individuals should not have filed a tax return in the last three years and an FBAR in the last six years.
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