Written By: Anushka
These stimulus checks aim to help over 65 million US citizens manage the increased cost of living.
The payments will cover essentials like food, petrol, and household necessities, providing financial relief to lower and moderate-income Americans.
More than 700,000 families will receive a $550 stimulus check with an additional tax credit ranging from 6% to 30%.
Recipients need to file their 2022 income tax return, have an annual income below $59,187, and a net investment under $10,300.
Social Security will provide $2400 checks to eligible recipients over 62 years old in 2024.
Eligibility for the fourth stimulus will depend on adjusted gross income, tax filing status, and dependents.
These one-time payments aim to stabilize the economy and assist low-income taxpayers amid rising inflation.