American citizens may receive an additional payment of $1,400 in addition to their tax refunds for the year 2022, MARCA reports. Those who wish to participate must first fulfill a number of prerequisites. To qualify for the payment, citizens must be either the parents of a child born in 2021 or have a new dependent.
The Economic Impact Payments
If a taxpayer has a child after the baby is born, they will receive an additional $1,400 in 2022. Single parents and couples earning up to $150,000 per year are eligible to receive the check. Those who qualify for the American Rescue Plan, a $1.9 trillion relief package passed in March, will receive $1,400 in payments. On a tax return, those who had children in 2021 who were eligible for the credit at that time can claim the Recovery Rebate Credit.
According to Newsweek, the Economic Impact Payments, also known as stimulus checks, will pay the Recovery Rebate Credit in advance in 2021, allowing the credit to be claimed sooner. Following the deadline of December 31, those who have not received all of the money to which they are entitled will be able to claim the remaining funds when they file their taxes in 2022.
Owed By IRS And Baby Boom
Eligible recipients should file their 2021 tax returns as soon as possible to ensure that they receive the $1,400 that the IRS owes them until the IRS begins accepting tax returns in late January of 2022. Ineligible for these payments are single or married joint filers with an annual income of more than $80,000 or more than $160,000, respectively.
Estimates put the number of families still owed a $1,400 stimulus check in the millions, but it’s not yet clear how many, as per The Sun. Once the total number of births in 2021 is known, the figure will be known. US births are expected to fall to 3.61 million in 2020, down from 3.75 million in 2019. When the total number of deliveries for 2021 is released, it will be apparent if there was a baby boom.