Even in 2022, Four Groups Will Still Be Eligible to Receive a Stimulus Check |Latest Update!

Even in 2022, Four Groups Will Still Be Eligible to Receive a Stimulus Check Latest Update!

It’s becoming increasingly unlikely that the enhanced Child Tax Credit would be extended now that the country has been without a stimulus package for two months. Another Economic Impact Payment is highly unlikely to be issued.

Some households may receive thousands of dollars more in refunds thanks to stimulus programs that expired in 2021 but can be reclaimed this tax season. The following is a breakdown of the four categories of people that can receive a final stimulus check this year.

Families Eligible to Claim the Child Tax Credit

Millions of Americans have children who are eligible for the full $3,600 Child Tax Credit, but those who received advance payments from January through December only got $2,000 of it. When you file your taxes, the government will give you back up to $1,800 per eligible dependent. The year 2022 may bring even more good fortune for many additional families.

Unfortunately, not all families who were eligible for the full Child Tax Credit actually received it. CNET claims that many people in 2019 and 2020 will not file tax returns. The IRS was unable to provide a refund or issue a credit because insufficient data was on file. Rarer and less common situations involved people who had their primary residence in the United States but were nevertheless disqualified by the Internal Revenue Service because they only lived there for part of the year. Some others avoided getting paid in advance on purpose.

Whatever the reason, families who should have received the credit but didn’t are owed $3,600 per child under the age of six and $3,000 each child beyond the age of six.

Families With Children Born in 2021

Millions of American families will be relieved to receive the last portion of their Child Tax Credit in 2022 for children they already have, but the families of children born, adopted, or fostered in 2021 will benefit the most.

Those eligible for the third round of stimulus grants received $1,400 for themselves and their families. Unfortunately, many couples had children last year after the deadline for receiving such benefits had passed. Once those parents file their tax returns for 2021, they will receive the refund money that is due to them.

Many of these new parents will also qualify for the increased Child Tax Credit, which can add another $3,600 to their refunds this year, for a total of $5,000 in stimulus.

Even in 2022, Four Groups Will Still Be Eligible to Receive a Stimulus Check Latest Update!
Image Source: CNBC

Those Who Ought to Have Been Paid but Weren’t

In 2021, only a fraction of the persons who were supposed to get $1,400 in American Rescue Plan payments due to economic impact payments actually did so. Some contributions never reached their intended recipients because of clerical errors, such as wrong addresses or routing numbers; others never reached their intended recipients because they were intended for nomadic people without bank accounts or permanent residences; and others never reached their intended recipients for other reasons.

They won’t necessarily be doomed. To get the refund, qualified taxpayers must apply for the Recovery Rebate Credit while filing their 2021 tax returns.

Those Who Experienced a Fall in Income in 2021

Income limits of $75,000 for single filers and $150,000 for joint filers applied to the third round of stimulus payments. Based on taxpayers’ 2020 income tax forms, the IRS either made payments or determined they were ineligible.

CNBC reports that those whose high wages prevented them from receiving their $1,400 payout in 2020 may still be eligible to do so in 2021 if their earnings fall below the income-cap threshold. An individual who earned $85,000 in 2020 but only $60,000 in 2021 would be entitled for the third stimulus payment to be paid back to them retroactively.

Again, they’d have to file for the Recovery Rebate Credit on their taxes in order to get their $1,400 back.

Source: GoBankingRates

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