There’s a lot in the American Rescue Plan passed by Congress to help people in these difficult economic times. First is the stimulus payment going to many Americans. If you received the last two stimulus payments but haven’t received the current one, there are several reasons that could happen.
EIP eligibility is different this time.
One is that the adjusted gross income (AGI) qualifications have changed from the previous two stimulus payments. Those eligible to receive it this time are:
• Individual filers -- whether single or married but filing separately -- can have AGIs up to $75,000.
• Heads of households’ AGIs can be up to $112,500.
• Married couples filing jointly can have AGIs up to $150,000.
People who received their EIPs the last two times based on their Social Security or Social Security Disability Income direct deposit will be getting theirs in a later batch, and as of March 25, a date for that has not been announced yet.
Payments for families with dependents are higher:
• $2,800 for a married couple.
• $1,400 for each dependent, including those over 17.
• Relief for homeowners who are behind in their mortgage payments.
• Funds to help small businesses recover and pay employees.
For questions about the American Rescue Plan and your taxes, contact David Kreider at H & R Block: 520-625-8732 for an appointment.