Apart from obtaining income, excise, and inheritance taxes, the IRS conducts routine audits of individuals to ensure compliance with tax laws. A $1200–$500 Stimulus Check 2024 was announced by the IRS for May 2024.
1200–$500 Stimulus Check 2024: Overview
Under the direction of the US government, the IRS has laboured to provide stimulus checks to the eligible residents.
A stimulus payment is awarded to those who pay their taxes before the deadline. Seniors 62 years of age or over who qualify for these payments. Also, the individuals who are financially struggling or have long-term medical conditions, are the recipients of these benefits.
Following SSA clearance, the candidates will receive rewards ranging from $1200 to $500.
Eligibility Requirements
| Particulars | Eligibility |
| Adjusted Gross Income (AGI) | The AGI of a US resident filing jointly should not exceed $15,000; if filing as the head of the household, it should not exceed $12,500; and for eligible people, it should not exceed $75,000. |
| Dependents | Children who are eighteen years of age or older, as well as their dependents, are qualified. |
| Social Security Number | If an applicant’s Social Security number is active, they will be eligible for the entire sum. |
| Filing Regular Taxes | To be eligible, candidates must file their taxes before the deadline. |
| Age Threshold | Applicants must be 62 years or older, Children of 18 years. |
Tax Payment Schedule
| 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 |