April Stimulus Check Payments Update: Alaskans and Internal Revenue Service Involvement
April Stimulus Check Payments Update: Alaskans and Internal Revenue Service Involvement
The month of April has brought some relief to millions of Americans, as they are set to receive stimulus check payments to cover their essential monthly expenses. These economic stimulus payments, also referred to as tax refunds or dividend payments, are set to be distributed by various institutions, including the Internal Revenue Service, to help those who are struggling financially due to the ongoing COVID-19 pandemic.
The Department of the Treasury has already rolled out three stimulus checks since March 2020, targeting low-income households with financial difficulties, especially with healthcare and inflation. Eligibility for these payments is assessed based on income, with those earning under certain thresholds receiving full payments, while those earning above these thresholds receive partial payments. It’s crucial for citizens to check if they meet these requirements and follow the application process to receive these payments.
The IRS has a substantial amount of unclaimed funds, approximately $1 billion, from the three stimulus payments issued during the pandemic. These funds can be claimed using the recovery rebate credit on your 2020 tax return. If the credit exceeds the amount owed for that year, a tax refund is given. However, there is a time limit to claim these funds, as unclaimed refunds are returned to the US treasury after three years. For those who didn’t receive the first or second stimulus check in 2020, the deadline to file an amended income tax return is May 17, 2024.
In Alaska, a unique stimulus update has been announced, with direct payments of $1,312 set to be sent to eligible residents within the next 14-15 days. This payment, part of the state’s Permanent Fund Dividend program, is targeting residents who have not yet received their payments from 2023 or earlier. This initiative is set to provide financial support and alleviate pressures for Alaskans who are in dire need of support amidst the ongoing pandemic. Eligible residents are urged to check their status and ensure that they receive their payments within the set period.
