People in the United States may be in line for a $1,400 stimulus check payment as early as 2022, but there is a specific criterion that recipients must meet.
Do you wish to start a family? A portion of the government support will be sent to a new dependent or the parent of a child born in the previous year.
This $1,400 stimulus check payment is a huge deal, and we’ll go over all you need to know to find out if you’re eligible for it in 2022 and how to get it.
Why is there a second check going on?
All of these new economic measures are part of the new American Rescue Plan, which would provide Americans and their dependent children with $1,400 payments.
Is There Going to Be Another Stimulus Payment?
The majority of people have already received their full payment, however, those who had eligible children last year can claim the Recovery Rebate Credit on their 2022 tax return.
Economic Impact Payments, sometimes known as stimulus cheques, were distributed in 2021 as part of the Recovery Rebate Credit advance payments. If you did not receive the complete amount before December 31, you can obtain the remainder when you file your tax return in 2022.
Any qualified dependents who became a part of the family last year will not have been taken into account during the computation or payment of the 2021 Economic Impact Payments if they were computed off of a person’s 2020 or 2019 return.
Will these checks be sent from every state?
A Federal budget will be issued to each State in order to supply these monies, but it will be up to each State’s administration to decide how to spend these funds and which benefits will be included in this policy.
Recovery Rebate Credit Eligibility
If you qualify for the Recovery Rebate Credit, you can claim the child on your previous year’s tax return, which will be filed in 2022.
Those who qualify for an additional payment under the American Rescue Plan will receive the credit as part of their tax refund in 2021.
Dependents must be under the age of 19 at the end of the year to be eligible unless they are students, however, there is no such age limit if the dependent is chronically incapacitated.
A kid, brother, sister, foster child, stepbrother, stepsister, half-brother or half-sister, or a descendent of any of these falls within the dependent category.
However, certain income limits must be met in order to get the Recovery Rebate Credit payment, as taxpayers who have an adjusted gross income below $75,000 or earnings of $150,000 and are married and filing jointly can receive the entire amount.
Plus-up Payments from the IRS
Plus-up payments are additional stimulus checks sent to people who received a stimulus check based on their 2019 tax return or information from the Social Security Administration’s system.
If you are a taxpayer in the United States whose wages in 2020 were lower than in 2019, you may be eligible for a plus-up payment.