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'Stimulus Checks' Of Up To $7,430 Going Out To Millions Of Americans

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There haven't been any stimulus checks for a few years, and there won't be any kind of economic impact payment like it anytime soon, however, that doesn't mean Uncle Sam isn't sending out checks to those finding themselves financially challenged. In fact, this week, the government started issuing checks for up to $7,430 to millions of Americans.

It's all thanks to the Earned Income Tax Credit, which sees families and individuals with low and moderate incomes getting some cash. It comes in the form of a tax refund, which the IRS began mailing out on Tuesday. Even if you don't have to pay any taxes, you can still get the check. It's based on your income as well as the number of kids you have. Many people don't even know about it - the IRS estimates one out of every five eligible taxpayers doesn't claim it.

Those with no children can get up to $600 if their income is under $17,640 as an individual or $24,210 joint. One-child families can get a maximum of $3,995 for income under $46,560 for an individual or $53,120 for joint, two-child fams can get up to $6,604 for income of under $52,918 (individual) and $59,478 (joint), and families with three or more kids can get up to $7,430 if they make under $56,838 (individual) or $63,398 (joint).

To get the check, you'll need to be a U.S. citizen with a valid Social Security number who isn't filing a form 2555 to report foreign income and has less than $11,000 in investment income. You'll also have to file form 1040 or 1040-SR, as well as a Schedule EIC form if you have children. You can see if you're eligible with this calculator on the IRS website. The only catch is when you file for the Earned Income Tax Credit, you won't get your entire tax refund until February, but if you filed for it last year, you'll be getting yours any day now.