The COVID-19 pandemic has yet to reach its end. With the new Omicron variant fastly spreading across the globe, many families continue to struggle, especially in matters relating to finance. This is why talks about the stimulus check in the United States remain apparent.
Months have passed since the federal government distributed the final batches of the COVID-19 relief payments to eligible individuals. Although petitions and calls for a fourth round are still ongoing, no confirmations have emerged whether it will push through.
Despite the uncertainties of a new relief check, though, MoneyWise via Yahoo! Finance reported that some Americans will receive another payment in 2022. As noted, this only applies to those who had a new baby in 2021.
The stimulus check in question is still part of the third relief payment under the American Rescue Plan. The amount remains the same, allowing eligible individuals to receive up to $1,400.
Reports emphasized, however, that the Internal Revenue Service will not automatically disburse the payments to the new parents. They must inform the IRS about the new addition to the family upon filing the 2021 taxes next year.
Apart from having a new baby, there are other sets of eligibility requirements, as well. As explained, individuals who welcomed a child in 2021 may only qualify if they meet the income threshold.
For individual filers, the income should meet $75,000. As for married couples who file joint returns, the figure doubles, making it $150,000.
The same publication continued that the eligible individuals may, also, qualify for the Expanded Child Tax Credit. It is a form of a stimulus check as part of the federal government's COVID-19 stimulus package.
Qualifying individuals who have not received the monthly tax credit installments, which began in July and ended in December, may get the full amount upon filing the tax return in 2022. The credit is up to $3,600 for individuals who will claim the child as a dependent for the first time.
Meanwhile, another form of stimulus check will become available, as well, in 2022, according to The Sun US via Bet. It is still part of the American Rescue Plan, so the check amount remains the same: $1,400.
This another new COVID-19 relief payment is only applicable to those who have earned less in 2020 than in 2019. Qualifying individuals should only file the 2020 tax return to the IRS, and the agency will process, as well as issue, the additional stimulus payment.
It is worth noting, however, that there is a deadline for the application. Reports said that individuals must have done it by December 31, 2021.