There are a lot of citizens in the United States who have called for a fourth stimulus check, with the COVID-19 pandemic still having an impact on society, yet it feels as though federal government will not be providing financial aid for millions of citizens this time around. Yet, there there is still hope that a stimulus check-style package will be offered out through another scheme as a result of the rise in inflation.
Any more economic support is likely to arrive on a state level rather than from the central government from this point on, one of which is a $1,400 payment, but in order to be eligible for some of these programs that are set up to help struggling US families and citizens, there are a number of requirements that must be met.
Is there going to be a fourth stimulus check?
A few months ago there were some senators calling for a regular stimulus check to be sent out to help those citizens who were kept out of poverty as a result of these payments, but the issue is that the responsibility for widespread financial aid is now in the hands of state governments, rather than federal government.
Now, some are arguing that the stimulus checks - among other things - have had a somewhat negative effect on the US economy, as those against the idea have pointed to the rise in inflation as a reason for not sending out a fourth stimulus check.
What support is available?
Despite a fourth nation-wide stimulus check not being on the cards, there are a number of ways in which you can still receive financial aid - both from federal government and at state level.
Payment worth $1,400 on offer
Citizens of the United States could be in line to receive a $1,400 stimulus check payment in the early part of the new year and, in this report, we will lay out what criteria you must meet to be eligible.
Parents of newborns, foster, or adopted children (2021-2022) will have a stimulus check benefit in 2022 according to the U.S. Government. Part of the government help will go to either a new dependent or a parent of a child who was born in 2021.
This latest $1,400 stimulus check will come as a major relief to many people across the US and we'll explain below all you need to know in order to work out if you can claim this check in 2022 and how to do so.
Why is there another check happening?
These new economic measures fall under the American Rescue Plan, which made $1,400 payments available for individuals and their dependent children.
Citizens across the United States have long been urging the government to step up and play a more prominent role in economic assistance programs amid the virus, given that the measures against COVID-19 have taken a lasting toll on people's livelihoods, and it seems that the federal government has responded.
Another stimulus payment?
Most people have already had their full payment come in, but those who had eligible children in 2021 are able to claim the Recovery Rebate Credit on their next tax return.
The Economic Impact Payments, otherwise referred to as stimulus checks, were sent out during 2021 and these are advance payments of the Recovery Rebate Credit.
If you did not receive the full amount you were expecting by December 31, 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 of a person's 2020 or 2019 return, any eligible dependents who became a member of the family in 2021 will not have been included in the calculation nor the payment.
Will every State be giving these checks?
Every State will be receiving a Federal budget to administrate these funds, but it will solely depend on each State's Administration to decide how to spend these funds and which different benefits will be part of this plan.
Although most states are likely to follow through on this initiative, the format in which it will be distributed will vary between each one, therefore it is important to check on your local authorities' official websites to find out exactly what is needed to receive this payment.
Qualifying for Recovery Rebate Credit
Those who are eligible for the Recovery Rebate Credit are able to claim the child on their 2021 tax return, which will be completed in 2022.
Those who qualify for an additional payment via the American Rescue Plan will be able to have the credit arrive as part of their 2021 refund.
In order to qualify, dependents must be under 19 at the end of the year unless they are a student, or any age but are permanently disabled. In addition, the dependent must be a child, brother, sister, foster child, stepbrother, stepsister, half-brother or half-sister, or a descendent of any of them.
There are some income requirements that must be met to receive the Recovery Rebate Credit payment, though, as taxpayers can receive 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.
IRS plus-up payments
The plus-up payments are additional stimulus checks that are sent out to people who were sent a stimulus check based on their 2019 tax return or information that was on the Social Security Administration's system.
If you are a taxpayer in the USA whose income was lower in 2020 than it was in 2019, then you are eligible to receive what is being referred to as a plus-up payment.
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February 01, 2022 at 07:45PM
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Fourth Stimulus Check 2022: Could you be eligible for these payments? - Marca English
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