Legislators are unlikely to approve a fourth round of stimulus checks, even with the new COVID-19 variants but some persons may still be eligible for a $1,400 coronavirus stimulus payment according to the American Rescue Plan Act.
IRS says qualified Americans to start receiving $1,400 Stimulus Checks next year. (Photo: Dreamstime)
Eligible for $1,400 Stimulus Checks
In a recently published article in Entrepreneur, the American Rescue Plan Act, which was signed into law in March, provided a $1,400 per dependent coronavirus stimulus payment. Almost all of the qualified applicants have received their payouts from the IRS. If you had a baby or joined another member of your family in 2021 and are eligible for a $1,400 coronavirus stimulus check, you may still be eligible.
The IRS examined last year’s tax filings to determine whether or not a person was eligible for the third stimulus payment. To put it another way, this year’s tax return won’t reflect the fact that you had a child in 2021 or acquired a new dependant this year.
It is thus necessary to claim the stimulus money for new dependents in 2022 if you had a kid in 2021. The dependant, on the other hand, must be under the age of 19 unless he or she is a student or chronically incapacitated. You may collect $2,800 in stimulus money if you had twins in 2021 when you submit your tax return next year.
Process in Claiming Your Check
In order to get the payout, you must also comply with other provisions of the American Rescue Plan Act, including adding a new dependant in 2021. Married couples filing jointly and earning less than $150,000 a year would be eligible for the entire $1,400 stimulus payment.
If you earn more than $75,000 a year, your payments will stop. For married joint filers, people earning more than $80,000 or more than $160,000 are ineligible for any financial assistance. The stimulus money will be included in your 2021 refund if you complete all of the conditions. In order to get your stimulus money, you must submit a 2021 tax return even if you ordinarily do not.
Additional payments will be made to people who were qualified for but did not get the full stimulus payment. For those who fall into this category, a Recovery Rebate Credit form must be completed and sent with their 2021 tax return.
