If you're one of the many people wishing for additional funds in your bank account, there are three important points you should be aware of regarding the potential of receiving an additional stimulus check in 2022.
1. This year, some states are offering additional stimulus relief to people.
A number of states have initiated their own stimulus programs, with at least part of their residents receiving direct payments.
California, Florida, Indiana, and New York are among them. More states may follow suit, as the federal government supplied them with significant resources to deal with the pandemic last year, and they may elect to distribute this money directly to the people.
You should keep an eye on your state's Department of Health and Human Services website or the local news for updates on any financial assistance that may be available.
2. Americans who did not receive all of their stimulus payouts last year will be able to claim them in 2022.
The good news is that millions more Americans will almost certainly receive additional stimulus funds from the federal government this year. This is because they owe money from last year's disaster relief costs.
In 2022, the following groups are expected to receive more money:
People whose income has decreased. The Child Tax Credit and the $1,400 check have income restrictions. The IRS utilized earlier income data from 2020 to calculate eligibility, so taxpayers who earned too much that year but saw their salaries fall in 2021 can receive their payments this year.
Individuals who added a new dependent last year. The American Rescue Plan Act granted payments of $1,400 to adults and dependents. People who added new dependents in 2021 but did not receive this money for that dependent can get it in 2022. If the newly added dependent is a child, parents can also claim the Child Tax Credit for that child.
Parents who have yet to get the increased Child Tax Credit in its entirety. Payments of up to $3,600 per child under the age of six and $3,000 per child aged six to seventeen were approved by the Biden administration. From July to December, half of the money was deposited into bank accounts in monthly installments, but parents are entitled to the remaining funds this year.
If you're eligible for this money, you'll need to file your tax return in order to receive it.
3. Congress is unlikely to approve a fourth stimulus payment.
Finally, there is some awful news to share. Lawmakers in Washington have moved on to other issues, and there is insufficient support for another stimulus package, so the federal government is unlikely to pass another.
This means that persons who do not receive state relief or unclaimed funds from the previous year will not receive any additional financial assistance. If you aren't eligible for more funds, you'll have to find other ways to deal with any ongoing pandemic-related problems.
