The rumor of an IRS-issued $8,700 stimulus check for 2024 has recently gained traction online, leading many Americans to wonder about its legitimacy.
This story echoes previous scams and misunderstandings, confusing people into believing that substantial new federal aid might be available. Let’s dive into the details, fact-check the information, and review legitimate benefits available.
IRS $8,700 Stimulus Check
During the COVID-19 pandemic, the federal government issued three rounds of stimulus checks, or Economic Impact Payments (EIPs), in 2020 and 2021 to alleviate financial strain.
These payments helped millions of Americans navigate economic challenges, but after the third round, no new federal stimulus was authorized. The IRS confirmed there would be no fourth stimulus payment, so any talk of a new $8,700 check does not align with official IRS statements or government actions.
Child Tax Credit and Current Financial Assistance Programs
The confusion around an “$8,700 stimulus check” may stem from the Child Tax Credit (CTC) and other state-level relief programs. Although there isn’t a federal $8,700 stimulus check, parents and guardians may qualify for the CTC, which can provide up to $2,000 per eligible child.
This tax credit is part of the IRS’s ongoing support programs and is available to eligible families based on their income and other criteria.
Here’s how the Child Tax Credit generally works:
| Eligibility Criteria | Child Tax Credit (CTC) 2023 |
|---|---|
| Maximum Credit Per Child | $2,000 |
| Income Limit for Single Filers | $200,000 |
| Income Limit for Married Filers | $400,000 |
| Age Requirement | Under 17 years at year’s end |
| Other Requirements | Must be U.S. citizen or resident alien, reported as dependent on tax return |
Although this $2,000 per-child credit can provide significant financial support, it does not amount to $8,700. Additionally, this is a tax credit, not a direct stimulus payment.
Fact-Checking the “IRS $8,700 Stimulus Check”
The $8,700 figure appears to be a misrepresentation or misunderstanding circulating on social media and some websites. Here’s the truth:
- No Federal Announcement: The IRS has not announced any $8,700 payment for 2024. Searches online about this supposed payment might lead to misinterpretations of existing programs or state-level initiatives.
- Common Scams: Scammers have recently used emails, phone calls, and social media posts to exploit the confusion around COVID-era stimulus checks. Often, these scams promise “free money” or claim the government has released new relief payments.
IRS Warnings About Stimulus Scams
The IRS has repeatedly warned taxpayers to be cautious of fraudsters posing as government representatives.
These scams commonly involve fake phone calls or emails that look official, misleading people into sharing personal information or paying fees to “claim” a stimulus check. The IRS urges individuals to disregard such messages and verify any payment information directly through official channels.
Who May Be Eligible for Genuine IRS Benefits?
While there’s no new federal stimulus check, other tax credits and relief programs are available to certain taxpayers:
- Earned Income Tax Credit (EITC): This credit assists low- to moderate-income working individuals and families. Depending on income and family size, eligible taxpayers can receive up to $7,000.
- Child Tax Credit (CTC): As noted, eligible parents can claim up to $2,000 per child.
- State Programs: Some states have introduced inflation relief or other financial support programs to help residents deal with rising costs. Eligibility and payment amounts vary, and these programs are distinct from federal aid.
For families who missed out on earlier COVID-era payments, filing a 2023 tax return may still allow them to claim the third stimulus check or other credits if they meet eligibility requirements.
How to Avoid Scams Promising Non-Existent Stimulus Checks
Here are tips to stay protected from fraudulent schemes claiming new federal stimulus checks:
- Verify Information: Rely on official government websites like IRS.gov for any news on payments or credits.
- Be Skeptical of Phone and Email Offers: The IRS does not initiate contact by phone, email, or social media to request personal or financial information.
- Report Suspicious Activity: Report potential scams to the IRS or the Federal Trade Commission (FTC) to help prevent these schemes from harming others.
Staying vigilant against false claims and relying on official announcements can help you make informed financial decisions.
