The 4th Stimulus Check Update is a big deal. It has the potential to impact your bank account, even if you’re not receiving any of the checks. For example, if you receive Social Security or Disability benefits, the lower-end threshold for those programs might be raised to $13,980 (instead of $11,880) as a result of this update. So read on to find out if you’ll be impacted by this new change and how!
What is the 4th Stimulus Check Update?
The 4th stimulus check update is the most recent relief package that has been passed by the government in response to the COVID-19 pandemic. This package includes a one-time payment of $1,400 for eligible taxpayers
This stimulus check will be deposited directly into your bank account if you have provided your direct deposit information to the IRS. If you have not provided your direct deposit information, you will receive a paper check in the mail.
The 4th stimulus check is based on your adjusted gross income (AGI). If your AGI is below $75,000, you will receive the full $1,400 payment. If your AGI is above $75,000, you will receive a partial payment. The amount of your partial payment will be based on a sliding scale.
If you are married and filing jointly, you will receive a total of $2,800 if your AGI is below $150,000. If your AGI is above $150,000, you will receive a partial payment based on the same sliding scale.
If you have children under the age of 18, you will receive an additional $1,400 per child. This means that a family of four
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How is this update affecting my bank account?
The update to the stimulus check is affecting bank accounts in a few different ways. First, if you have a direct deposit set up with the IRS, your stimulus check will be deposited into your account just like your tax refund.
Second, if you have a refund check coming, the IRS will mail that to you at the address they have on file. Finally, if you owe taxes, the IRS will deduct that amount from your stimulus check.
Conclusion
Your bank account is not directly affected by the 4th stimulus check update. However, if you have any outstanding debts or bills, the extra money in your account may be used to pay them off. Additionally, if you receive a tax refund this year, it could be offset by the amount of your stimulus check.
