People who qualify under the income limits and have added dependent in 2021 will receive another stimulus check for every dependent that they add when they file their 2021 taxes, according to The Fool. As a fourth stimulus check is unlikely to happen, this additional money will undoubtedly help some struggling Americans.
Additional Stimulus Check
According to Newsweek, Congress has passed the American Rescue Plan Act back on March 10, 2021, and was immediately signed into law by President Joe Biden the following day. The American Rescue Plan will provide an additional $1,400 in tax refunds to new parents and people who added new dependents under them in 2021.
Each child under the age of six will receive $3600 next year. Eligible recipients will receive $300 for each child under the age of six, and for children aged six to seventeen, they will receive $3000 per child, with $250 paid in advance, as per NBC15. Democrats want to give families the option of receiving a lump-sum payment at tax time or regular monthly checks from the Internal Revenue Service.
In 2022, there will be 12 monthly payments with the same maximums, but they will be spread out over a full calendar year with 12 payments. If your modified AGI is too high, the IRS has set a limit of 75,000 dollars for single filers, 112,500 dollars for head-of-household filers, and 150,000 dollars for joint filers.
Any new dependents who were not included in the 2021 payment can be claimed at the rate of $1,400 per person. As soon as you file your tax return for the year 2021, you will receive the $1,400 payment from the IRS by the end of January 2022.