$1200 – $500 Stimulus Boost May 2024 – Know Eligibility & Payment Date

Under the direction of the US federal government, the Internal Revenue Service (IRS) division has laboured to provide enough of stimulus cheques to the nation’s eligible residents. A stimulus cheque payment, which serves as a tax rebate payment, is awarded to those who pay their taxes before the deadline.

Seniors 62 years of age or over who qualify for these payments, as well as those who are financially struggling or have long-term medical conditions, are the recipients of these benefits.

$1200 – $500 Stimulus Boost May 2024
Source: investbihar

Following SSA approval, it is anticipated that the candidates will get a $1200–$500 Stimulus Boost in May 2024. Applicants can obtain updates by visiting the IRS’s official website at https://www.irs.gov/.

$1200 – $500 Stimulus Boost Eligibility 2024

1. AGI, or adjusted gross income The AGI of a US resident filing jointly should not exceed $15,000;

2. if filing as the head of the household, it should not exceed $12,500;

3. And for eligible people, it should not exceed $75,000.

4. Reliance Children who are eighteen years of age or older, as well as their dependents, are qualified.

5. Number for Social Security If an applicant’s Social Security number is active, they will be eligible for the entire sum.

6. Regular Tax Return Submission To be eligible, candidates must file their taxes before the deadline.

7. Age Limit Candidates must be children of 18 years old and 62 years of age or older.

When to Pay Estimated Tax?

Payment Dates  Due Dates
1st January – 31st March 15th April
1st April – 31st May 15th June
1st June – 31st August 15th September
1st September – 31st December 15th January of the following year

How will the IRS Send Money?

Direct Deposit: The applicant will get the payment amount by direct deposit if they included their account information on the application form.

Paper Checks: In the event that the candidate fails to submit the account information, a paper cheque will be sent to the specified address to cover the payment.

Debit Card: The IRS may send a prepaid debit card or an Economic Impact payment card (EIP) if the applicant does not have access to their direct bank accounts.

Claim $1200 – $500 Stimulus Boost May 2024

1. Verify your Qualifications: To determine your eligibility, go to https://www.irs.gov/, the IRS website.

2. File your tax return: You have till the deadline to file your tax return.

3. Complete the Online Application: After determining your eligibility and submitting your taxes, complete the online application found on the official website.

4. Revise your details: Fill out the form with your details, and include the supporting documentation.

5. Submit: The form is prepared for mailing to the IRS.

6. Await Payment: Eligible candidates will automatically receive payments from the IRS.

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