In recent weeks, rumors of a new $8,700 stimulus check from the IRS have been circulating, piquing the interest of many Americans.
This amount, rumored to be sent out in November 2024, has created quite a buzz.
So, is this special benefit real, and who would qualify if it were true? In this article, we’ll break down the origins of this rumor, clarify the real IRS benefits available, and discuss how to avoid potential scams.
IRS $8,700 Stimulus Check
To understand the rumor about the $8,700 stimulus check, it’s worth recalling the government’s past relief efforts. Since the COVID-19 pandemic, three rounds of stimulus checks have been issued by the government.
These payments, officially known as Economic Impact Payments (EIPs), aimed to support Americans facing financial hardship during the crisis. However, after the third round, the IRS announced that no additional stimulus checks were planned.
Currently, there are no official announcements about a new stimulus payment, and the IRS has stated there are no plans to distribute $8,700 checks. Yet, rumors linking this amount to other programs, such as the Child Tax Credit (CTC) or state-level relief initiatives, continue to spread online.
The Origin of the $8,700 Rumor
So, where did this rumor come from? Here are some common sources fueling the misinformation:
- Misinterpretations of Tax Credits: Some have confused the Child Tax Credit, which offers up to $2,000 per eligible child, with a stimulus check. However, the CTC is not a cash payment but a tax reduction.
- State-level Programs: Certain states have introduced their own relief programs in response to inflation, but none provide $8,700 directly, nor do they qualify as federal stimulus checks.
- Online Speculation: Social media and certain websites have circulated the rumor without any official backing, leading to further misinformation.
These factors have contributed to a widespread belief in the existence of this $8,700 payment, although it lacks any official basis.
Available IRS Benefits for Taxpayers
While the $8,700 check is a myth, several legitimate IRS benefits do exist. Here are some actual relief options available to eligible taxpayers:
1. Child Tax Credit (CTC)
The Child Tax Credit provides relief to eligible families with children under 17. Qualified families can claim up to $2,000 per child, with income limits as follows:
| Criteria | Requirements |
|---|---|
| Maximum Credit | $2,000 per child |
| Income Limit (Single) | Up to $200,000 |
| Income Limit (Married) | Up to $400,000 |
| Child’s Age | Under 17 by the end of the tax year |
| Other Requirements | U.S. citizen or resident, claimed as dependent |
This credit helps reduce tax liability but does not come as a direct cash payment. So, mistaking this tax credit for a stimulus check is inaccurate.
2. Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) benefits low- to middle-income workers and families, offering credits up to approximately $7,000 depending on income, filing status, and number of children. This program is a significant source of financial support but is not connected to the rumored $8,700 stimulus.
3. State-Level Relief Programs
Several states have introduced their own relief programs to help residents with rising costs. These programs vary by state in terms of eligibility and payment amounts but are separate from federal benefits. To learn about state-specific programs, residents should check with their state’s Department of Revenue.
4. Unclaimed Stimulus Checks from Previous Rounds
For those who didn’t receive previous stimulus checks from the COVID-19 pandemic, there’s still an option to claim those funds on their 2023 tax returns. This allows eligible individuals to access any missed payments from the earlier Economic Impact Payments.
How to Protect Yourself from Stimulus Scams
Given the persistence of stimulus rumors, scammers often attempt to exploit people’s hopes and create fake offers. Here are some tips to stay safe:
- Verify Information: Always check the IRS’s official website, IRS.gov, for accurate information on government assistance programs.
- Beware of Fake Calls and Emails: The IRS does not initiate contact by phone, email, or social media to discuss stimulus checks. Avoid sharing any personal information through these channels.
- Report Suspicious Activity: If you receive messages about unclaimed funds or stimulus payments that seem too good to be true, report these scams to the IRS or the Federal Trade Commission (FTC).
The claim of an $8,700 stimulus check from the IRS is, in fact, a baseless rumor.
While real relief programs do exist, they provide targeted support rather than a lump-sum payment. Be cautious when hearing about these types of offers, and always consult official sources before believing or sharing such news.
