U.S. President Joe Biden has just signed into law a new economic assistance package that will include a $1,400 stimulus check. Under the new law, the pandemic relief stimulus checks will be given to more than 100 million American families.
Priority will be given to parents who welcomed a new baby into their family this year. The dispersal of the funds will be based on submitted tax returns. The $1,400 that was distributed earlier in the year is separate from the new law and was based on 2020 tax returns.
Sources claimed that families might be eligible to receive another $1,400 stimulus check separate from the one given earlier in the year, and it is possible that another batch of stimulus checks will be released in 2022.
The $1,400 stimulus checks given earlier in the year were part of a $1.9 trillion stimulus bill passed in March and were a portion of a 2022 tax credit advance payment. The new COVID-19 assistance package covers separately American who has given birth within the 2021 calendar year. New parents will be able to receive their $1,400 stimulus checks once they have filed their tax returns next year.
For those that are earning more than $150,000 annually, a lesser sum will be given. The entire amount will be given to single parents who have an adjusted gross income of less than $75,000 annually. For couples, their incomes must be less than $150,000 combined.
Single parents with an annual income of more than $80,000 annually will not be eligible. Couples with a combined income of more than $160,000 annually will also do not qualify.
For those who want to qualify, they must update their tax information by visiting the IRS's child tax credit website. Parents must add their newborns as new dependents to qualify. For parents who are still expecting, including those who expect their child to be born over the fourth quarter, it may not be possible to qualify for this year's child tax credit check. However, they can still qualify for the funds next year after their file their 2022 taxes.
