Will the IRS Issue a Stimulus Check Before Year-End? Here’s What to Expect

Will the IRS Issue a Stimulus Check Before Year-End? Here’s What to Expect Economic Impact Payments, or stimulus checks, was a significant component of how the United States responded to the financial impact of COVID-19. The funds were intended to be used as direct cash assistance for individuals and families to be able to meet basic necessities like food, rent, electricity, and other bills at times when economic security was severely compromised. They were issued by the Internal Revenue Service in collaboration with the United States Department of the Treasury. The EIPs were issued in three different tranches.

The first wave of the Economic Impact Payments was launched in 2020 immediately after the signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These payments were meant to provide quick relief to millions of Americans who suffered as the pandemic disrupted jobs and income sources. Qualified persons were entitled to up to $1,200, while an additional $500 would be paid for each eligible dependent child.

Will the IRS Issue a Stimulus Check Before Year-End Overview

Current Situation	No official announcements have been made regarding a new round of stimulus checks in 2024.
Reason for Speculation	Economic factors such as inflation, cost of living, and potential recession concerns.
Congressional Action	New stimulus checks would require legislative approval by Congress before implementation.
Key Considerations	Economic trends and unemployment rates.
IRS Role	The IRS would be responsible for distributing payments if approved by Congress.
Public Demand	Some Americans and advocacy groups are pushing for additional financial relief.
Recovery Rebate	Credit Individuals who missed previous stimulus payments can still claim them via tax filings.

First Round Economic Impact Payments

The Economic Impact Payments first round were distributed in 2020. It followed the approval of the CARES Act that aims to offer immediate relief to millions of Americans since the pandemic began disrupting jobs and income sources. The maximum amount was up to $1,200. Additional $500 will be provided to every qualifying child. 

Second Round Economic Impact Payments

The second tranche was given out in late 2020 and early 2021 under the Coronavirus Response and Relief Supplemental Appropriations Act. It paid smaller amounts, eligible recipients receiving up to $600 plus an additional $600 for each qualified dependent. Even though the payment was relatively less, these payments have come as a crucial lifeline to many households which were in deep financial distress as the pandemic remained.

Third Round of Economic Impact Payments

The third tranche of EIPs started rolling out in 2021, bringing much-needed relief to individuals and families in the face of the continuous challenges presented by the COVID-19 pandemic. These funds, also known as stimulus checks, were part of the American Rescue Plan Act and intended to help Americans who faced economic losses due to the health crisis.

Key Deadlines for Claiming the RRC

Tax Year	Deadline to File RRC
2020	May 17, 2024
2021	April 15, 2025

Eligibility for Stimulus Payments or Credits

You may still be eligible for the third round of payments or the Recovery Rebate Credit if:

• You did not receive any of the previous stimulus payments.
• You received less than the full amount.
• Your financial or personal situation has changed (e.g., a significant drop in income or the addition of a dependent).

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