Americans will be eligible to receive a $1,400 stimulus check in the coming year. People who qualified for the third round of stimulus checks issued earlier this year but have not yet received them will be eligible for the new payment. In 2022, when eligible taxpayers file their 2021 tax returns, the final batch of checks will be issued.
Recovery Rebate Credit
According to The Sun, the Internal Revenue Service (IRS) will pay back money owed to eligible taxpayers who request a Recovery Rebate Credit during tax season. Individuals and married couples filing jointly must have an adjusted gross income (AGI) of $75,000 or less (for individuals) $150,000 (for married couples) or less to be eligible for the total amount of the third round of checks.
To help people and their dependent children, the U.S. government had implemented the American Rescue Plan that includes all of these new economic measures. Those who had eligible children in 2021 are eligible to claim the Recovery Rebate Credit on their next tax return, even if they have already received their full payment, as per MARCA.
The Recovery Rebate Credit (also known as economic impact payments or stimulus checks) was sent out in 2021. When filing your taxes in 2022, if you didn’t receive the total amount you were hoping for by December 31, you can claim the rest.
Read Also: IRS Releases Updates On Stimulus Check 2022
According to The Fool, an additional $1,400 stimulus payment was included in the American Rescue Plan Act signed into law by President Joe Biden in March. Even newborn babies are counted as family member who is entitled to benefits. The government used its 2020 tax returns to determine how much money each parent should have received. By the end of the 2020 tax year, anyone who had a child would be entitled to the total amount due.
However, people who had children in 2021 were not included in the returns used by the IRS to calculate the stimulus payment because their children were not born in that year. When they file their taxes for this year in 2022, any eligible parent who had one or more children in 2021 should be entitled to a $1,400 check for each child.
Read Related Article: Two Stimulus Checks Could Be Released In February Next Year, Will You Receive One?