To start the new year, the United States has a $1,400 stimulus check payment available.
Another Stimulus Payment To Hit Your Bank Anytime
Citizens of the United States will get another stimulus check as a kick start in 2022. At the start of the new year, a fourth stimulus check will be available. The $1400 payout is part of President Joe Biden’s new American Rescue Plan, which aims to assist those who have been affected by COVID-19 and other economic circumstances.
The Recovery Rebate Credit is available to US residents who had qualified children in 2021. This credit was paid in advance with the stimulus funds that were issued to residents this year. You may claim these additional dollars when you submit your taxes this year.
Dependents must be under the age of 19 to be eligible. If the dependent is a student or is chronically incapacitated, this condition is not required. In such instances, the age of the defendant is irrelevant. The child must also be a member of the eligible adult’s family. Being a kid, brother, sister, foster child, stepbrother, stepsister, half-brother, or half-sister falls within this category.
Finally, the beneficiaries of the new stimulus check will get the entire amount if their annual adjusted gross income is less than $75,000. The annual income of a married couple filing jointly must be less than $150,000.
The Recovery Rebate Credit
Any qualified person who did not receive an Economic Impact Payment (commonly known as an EIP or “stimulus payment”) may claim the missing amount on their next tax return thanks to the Recovery Rebate Credit.
The Recovery Rebate Credit is calculated similarly to the EIPs, except that credit eligibility and amount are determined using the IRS’s most current information on file for you.
In general, you may claim the Recovery Rebate Credit if you meet the following criteria:
- In the year 2020, you were either a U.S. citizen or a U.S. resident alien.
For the 2020 tax year, you are not dependent on another taxpayer.
- You have a valid Social Security number for work that was issued before the deadline for filing your 2020 tax return (including extensions).
- If you’ve already received the entire amount for EIP3, you won’t be eligible for the Recovery Rebate Credit.
Furthermore, in January 2022, the IRS will give you Letter 6475, which will detail the stimulus payment amount you received. You don’t have to include the letter with your tax return since it summarizes your information for convenient reference. Create an account.