UPDATE: The IRS has denied reports that it will be sending out stimulus checks this summer.
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Millions of Americans could be eligible to receive a $1,390 stimulus check from the government, according to India’s Economic Times newspaper. The one-time, nontaxable payment has reportedly been approved by the IRS and will be sent out starting in late summer.
Individuals with an annual income of up to $75,000 and married couples making up to $150,000 will be eligible to receive the check. Heads of households making up to $112,500 will be eligible as well.
Tax Filing Required to Receive Stimulus Check
In addition, Americans must have filed a 2024 tax return in order to qualify. The checks will be sent out through a direct deposit, paper check, or an EIP debit card.
The stimulus comes as inflation remains above the Fed’s target rate of 2.0%, currently at 2.7%. Furthermore, food and beverage prices have increased significantly since 2020.
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