While a fourth stimulus check for Americans is not expected, a great number of people will be eligible for payments in 2022.
In April 2022, some Americans will be eligible for an additional $1,400 stimulus check, depending on their eligibility.
New parents will be eligible for a second stimulus payment in 2022 after paying their taxes, with an additional $1,400.
The stimulus payment is available to single parents earning up to $75,000 per year and couples earning up to $150,000 per year. People received the final batches of Child Tax Credit (CTC) payments for the year on Nov. 15 and Dec. 15.
The final payment is due in April next year when parents submit their tax returns. Anyone who is eligible for the full amount will receive $1,800.
Parents who have been receiving $250 should be entitled to a payout of $1,500 once their tax filings are filed. Any parent, though, can choose to forego the advance payments this year and receive the money in a lump sum in 2022.
The funds come from the American Rescue Plan, and many families have already received four CTC installments to help them get by while also assisting the U.S. in its recovery from the coronavirus pandemic.
Under the new law, families can get up to $3,600 per child under the age of 6. A maximum of $500 in CTC is available to parents with 18-year-old dependents.
To be eligible for the $500, dependents must be between the ages of 19 and 24. Many low-income families will be getting their first tax returns, which means the IRS will demand their banking information in order to make them advance payments.
Meanwhile, Agriculture Secretary Tom Vilsack has announced a $700 million incentive package for agricultural and food workers. It consists of a one-time payment of $600 to American farmworkers and meatpackers. One-fifth of the $700 million will be spent on aiding grocery store employees.
These additional payments, though, will not be made by the IRS. Instead, state agencies, non-profit organizations, and tribal governments will furnish them.
Homeowners should also be aware of the federal Homeowners Assistance Fund. Potential recipients of aid must demonstrate that the pandemic has put them in financial jeopardy.
To be eligible for this money, your income must be less than 80% of the area's median income. Other local restrictions, such as minimum income requirements, differ depending on where you live. Those who receive money must also show that they have suffered financial difficulty as a result of the pandemic.
If you haven't received your pending payments, visit GetCTC.org or the IRS website.
