Millions of individuals might possibly be in line for a stimulus payment from the federal government, but they may need to take action in order to obtain it. It may be possible to start the process of collecting your COVID-19 payments as early as the end of January if you are qualified.
Are You Qualified For More Stimulus?
In a recently published article in A Motley Fool, if you haven’t gotten any of the COVID-19 relief money you were supposed to throughout the course of 2021, you may be eligible to claim a stimulus payment beginning at the end of this month.
The American Rescue Plan Act permitted the disbursement of $1,400 in stimulus funds to individuals and dependents who qualified for the program. Because the American Rescue Plan Act was passed, you may be losing out on a tax credit that may be worth up to $3,600 per qualified kid.
For the most part, everyone has already gotten their $1,400 checks and half of the new, higher child tax credit. There were some who disagreed. It’s possible that you didn’t get all of your stimulus money if:
- The IRS was unaware of your income or the number of dependents you had since you hadn’t filed a recent tax return and hadn’t submitted your information online.
- Until 2021, the IRS was unaware of the addition to your family of a new dependent.
- In 2021, you saw a decrease in your family’s income.
In addition, parents who were qualified for the enhanced Child Tax Credit got just half of the money, which was delivered monthly between July and December of 2021. Due to the age of their dependents, they may be eligible for $1,800 per kid.
Claim More Stimulus Check This Month
If the IRS hasn’t yet sent you stimulus funds, you’ll need to submit a 2021 tax return to claim them. Now that 2021 has come to an end, the IRS will be able to receive these returns as soon as possible.
The official start date for the IRS’s tax return processing has not yet been announced, although it is typically the end of January. As a result, if you begin preparing your tax forms now and file them promptly when the filing season begins at the end of this month, you will be on the fast road to collecting your missing stimulus funds.
Do not delay in filing your tax return if you are awarded both stimulus payments and the enhanced Child Tax Credit, since you may be entitled to thousands of dollars more from the IRS.