Recently, many Americans have been seeing viral posts on social media, claiming that new stimulus checks are coming. These posts suggest that people might receive up to $2,000 during the holiday season, especially in certain states. As excitement grows, many wonder if these rumors are true. To clear things up, the IRS has spoken out about this.
The Rise of Stimulus Check Claims
With the economy still feeling the effects of the pandemic, the idea of receiving financial relief from the government sounds appealing. Some social media posts claim that taxpayers in select states could receive large sums of money. The timing of these posts coincides with the upcoming presidential transition, as Donald Trump prepares to assume office again in January 2025.
These rumors bring up memories of the stimulus checks issued during the COVID-19 pandemic. In 2020, when millions of Americans lost their jobs, Trump signed bills that sent stimulus checks to eligible people. The CARES Act in March 2020 and the COVID-19 Relief Bill in December 2020 provided billions of dollars in financial relief. Later, the Biden administration issued another round of payments through the American Rescue Plan Act in March 2021.
IRS Clarifies: No New Stimulus Checks Are Coming
The IRS has addressed the confusion and set the record straight. According to the IRS, no new stimulus checks are scheduled. The agency clarified that all first, second, and third Economic Impact Payments have been issued. If you didn’t receive one, you might be able to claim it when you file your taxes.
“The IRS has issued all first, second, and third Economic Impact Payments,” the IRS website states. “You can no longer use the ‘Get My Payment’ application to check your payment status. Most eligible people have already received their Economic Impact Payments.”
However, if you missed out on the previous rounds, you can still claim them when filing your taxes. But be aware that the deadline to submit a return and claim the 2020 credits has passed. The deadline to claim 2021 credits is April 15, 2025.
The Dangers of Trusting Social Media for Financial Information
The IRS has also warned Americans to be cautious about trusting social media for financial advice. IRS Commissioner Danny Werfel explained that social media is often used by scammers to spread false or harmful information. People should rely on trusted sources for tax advice, such as official IRS platforms and tax professionals.
“Social media is an easy way for scammers and others to try encouraging people to pursue some really bad ideas,” Werfel said. He stressed the importance of being careful about who you follow for financial advice online.
Experts Weigh In on the Economy and Stimulus Checks
Economists have also shared their thoughts on the possibility of new stimulus checks. While many Americans feel that the economy is struggling, experts argue that it isn’t as bad as it was during the early 2020s when the pandemic first hit. Stimulus checks typically happen when the economy is in a severe downturn, and experts suggest that the current situation is different.
Jacob Channel, a senior economist at LendingTree, said, “Stimulus checks typically only happen when the economy is in really bad shape and consumers need a push to start spending money again.” He also pointed out that a president can’t unilaterally issue stimulus checks, as they require cooperation from lawmakers.
Other Financial Help Available
While there are no plans for new stimulus checks, there are still some financial relief options for Americans. For example, the IRS is providing $1,400 extra payments for certain taxpayers. Additionally, there are one-time payments of up to $1,050 available from a $125 million fund.
The excitement around potential new stimulus checks may be fueled by viral social media posts, but the truth is that no new payments are planned at this time. The IRS has clarified that all previous stimulus checks have been issued, and any eligible people who missed out can still claim their payments when filing their taxes. It is important to avoid relying on unverified information from social media and to instead turn to trusted sources for financial advice.
FAQ
- Are new stimulus checks coming in 2025?
No, the IRS has confirmed that there are no new stimulus checks scheduled for 2025.
- Can I still get a stimulus check if I missed the previous rounds?
Yes, you can claim any missed stimulus payments when you file your tax return, but the deadline for 2020 credits has passed. The 2021 credit deadline is April 15, 2025.
- What should I do if I see social media posts claiming stimulus checks are coming?
Be cautious and avoid relying on social media for financial information. Always verify claims through trusted sources like the IRS.
- Can Donald Trump issue new stimulus checks when he takes office?
No, stimulus checks require approval from Congress, and Trump cannot unilaterally issue them.
- Is there any other financial help available?
Yes, the IRS is offering $1,400 extra payments to eligible taxpayers and there are one-time payments of up to $1,050 from a $125 million fund.
