Stimulus Update: You Could Still Qualify for a $1,400 Payment — Here’s What To Double-Check on Your Taxes
Considering that “stimulus checks” were among the most popular internet search terms in 2021, leading to petitions with millions of signatures circulating online, it’s safe to assume that Americans are still hanging onto hope for a fourth stimulus payment in 2022. While there’s no indication from federal lawmakers that we may see a fourth check, certain taxpayers may still have money coming their way.
Parents who had a child in 2021 could get up to $1,400 after they file their 2021 taxes, ABC10 News reported, thanks to the American Rescue Plan. The IRS was using information from 2019 or 2020 tax returns for its information on the third round of stimulus checks, also known as the 2021 Economic Impact Payment. Eligible parents can request the Recovery Rebate Credit on their taxes to get the payment for that child. This should come as part of their overall tax return.
ABC10 News also noted that anyone could be due more money, whether it was due to a change in income or the addition of a dependent. Individuals earning up to $75,000 received the full amount of the payment, as did married couples with incomes up to $150,000. Payments were reduced for those making more and stopped at $80,000 for individuals and $160,000 for married couples.
In addition to claiming an eligible dependent on their 2021 tax return, eligible families will receive half of the Child Tax Credit — and some may even receive all of it. The total amount is $3,600 for each child under the age of 6 and $3,000 for each child between ages 6 and 17. Income limits to receive the maximum amount on the CTC were $75,000 for individual parents, $112,500 for a head of household and $150,000 for parents who filed jointly.
ABC10 News reported that the IRS will send out Letter 6475 to Americans in early 2022 to confirm the total amount of aid received from the third stimulus check and any plus-up payments in 2021.
More From GOBankingRates