A number of people in the United States of America were able to start the new year in a great way after receiving a $1,400 stimulus check payment. However, there are specific criteria that need to be met to receive it. In this guide, we will explain every detail that you need to know.
For starters, parents of newborns, foster, or adopted children are qualified for a stimulus check benefit in 2022. A part of the government help would to either a parent of a child who was born in 2021 or a new dependent.
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The $1,4000 stimulus check is expected to give relief to several people in the U.S., especially amid the COVID-19 pandemic that has massively affected our daily lives. If you want to know if you are qualified to claim the new check in 2022, keep on reading to know more details.
Why Is A $1,400 Stimulus Check Happening?
The release of the new $1,4000 stimulus check is part of the American Rescue Plan, which made the payments available for individuals and their dependent children.
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Most Americans already received their full payment. However, those who had eligible children in 2021 can claim the Recovery Rebate Credit on their next tax return. The Economic Impact Payments, popularly known as stimulus checks, are sent out during 2021, and these advance payments of the Recovery Rebate Credit.
If you were not able to get the full payment on December 31, 2021, you can claim the remainder of the money when you submit your taxes in 2022. Given that the 2021 Economic Impact Payments were calculated off a person’s tax return in 2019 or 2020, any eligible dependents who became a member of the family in 2021 would not have been included in the calculation nor the payment.
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Will Every U.S. State Be Giving Away $1,400 Stimulus Checks?
Fortunately, every state in the U.S. would receive a Federal budget to administrate the $1,400 stimulus checks. However, it solely depends on each of the states’ administrations to decide how to spend these funds and what benefits would be part of the plan.
Who Are Qualified To Claim Recovery Rebate Credit?
A person can claim the child on the 2021 tax return, which would be completed in 2022, if he or she is qualified for the Recovery Rebate Credit. Those who are qualified for additional payments via the American Rescue Plan would be able to have the credit arrive as part of the 2021 refund.
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To qualify, dependents should be under 19 at the end of the year; unless, they are a student, or of any age but are disabled permanently. Also, dependents must be a child, sister, brother, stepsister, stepbrother, half-sister, half-sister, foster child, or a descendent of any of them.
It should be noted that there are income requirements that should be met to receive the Recovery Rebate Credit payment. Taxpayers can get the full amount if they have an adjusted gross income under $75,000 or an income of $150,000 and are married and filing jointly.
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Moreover, the plus-up payments are additional stimulus checks that are sent to people who received stimulus checks based on their 2019 tax return or information that was on the system of the Social Security Administration. A person is eligible to receive a plus-up payment should his or her income in 2020 be lower than what he or she declared in 2019.
Stay tuned to Celebeat for the latest news and updates about Fourth Stimulus Check 2022!