A fourth stimulus will hang in the balance as policymakers debate whether or not to provide more assistance during the COVID-19 pandemic. However, in 2021, a handful of states have formed their own financial aid programs and will start sending stimulus check-style packages to people.
One of these plans entails a new $1,400 payment in 2022, but there are a few conditions that must be met before the funds may be paid.
We've highlighted everything you'll need to know about the newest stimulus payout.
To begin with, many folks have been wondering when the federal government will release another stimulus check. Senators have pushed on the government to provide more assistance to citizens.
There are a few situations in which you could be able to get more stimulus money. To begin, if you had a kid in 2021 and claimed the child as a dependant on your 2021 tax return, you may be eligible for the money.
If your family added a new dependant in 2021, such as a parent, grandchild, or foster child, and you declared them as a dependent on your tax return, you may also be eligible for cash.
If you are a single filer with an income of more than $80,000 in 2020 but less in 2021, or a married couple with an income of more than $160,000 in 2020 but less in 2021.
Finally, if you're a single taxpayer earning $75,000 to $80,000 in 2020 but less in 2021, or a married couple earning $150,000 to $160,000 in 2020 but less in 2021.
These programs are part of the American Rescue Plan, which delivered $1,400 stimulus checks to adults and their dependent children.
The additional stimulus payments are available to families that had children in 2021 or added a new dependent to their tax return. According to the IRS, parents who had another child by Dec. 31 can claim the tax credit for newborns if the eligibility standards are met.
That means a family with one older child and a new baby born in December 2021 might be eligible for a $5,400 tax credit when they file their taxes this year.
Because of an oversight or the IRS not having accurate or up-to-date information on a person's income, some Americans may not have gotten a $1,400 stimulus payment last year despite being eligible.
Those who believe they should have gotten more money may be able to claim the Recovery Rebate Credit when filing their tax returns in 2021. They will be reimbursed as part of their tax refund.
