Stimulus Update: These 5 Groups Will Be Getting More Stimulus Money in 2022

Everything Americans Need To Know About The $1,400  Stimulus Checks This Month

 More stimulus money will be headed your way in 2022 if you’re a member of one of these five groups. Here’s who qualifies — and why.

As the omicron strain of COVID-19 wreaks havoc on the nation, millions of Americans are hoping that stimulus money will be issued by the federal government. But while we’re clearly not out of the weeds with the pandemic, it doesn’t appear that lawmakers will be agreeing to issue more stimulus money to bank accounts and mailboxes any time soon.
While there was hope that an extension of the Child Tax Credit would be passed in late 2021, lawmakers were unable to reach an agreement on what that should look like prior to Congress breaking for the holidays. That does not bode well for the future of the enhanced Child Tax Credit — which helped millions of low- to moderate-income families make ends meet and escape poverty over the last several months.
But while the future of the Child Tax Credit and any new stimulus packages remains unclear, there will still be more stimulus money coming for some groups in 2022. Here are five groups who will qualify for an extra financial boost this year, how much they may get, and why.

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There were a significant number of families who should have qualified for the monthly Child Tax Credit payments did not receive them in 2021. In some cases, this was due to having non-filer status, which meant that there was a lack of information on file with the IRS. Without recent tax information on file, the IRS could not automatically determine the household’s eligibility for the Child Tax Credit, so no monthly payments were issued.
These households are now owed the monthly Child Tax Credit payments and the second half of the tax credit money — which is worth a maximum of $3,600 per qualifying child in total. This money can be claimed when filing taxes this tax season. So, if you’re a non-filer who missed out on your monthly tax credit payments, a significant payday could be headed your way when you file your taxes.
And, the same is true for the parents who purposely opted out of the monthly payments. If you decided to opt out of the monthly payments for tax or other reasons, you are eligible to claim the full amount of the tax credit when you file your 2021 taxes.

Everything Americans Need To Know About The $1,400  Stimulus Checks This Month
If you added a new baby to the family in 2021 — either by birth or adoption — you may also qualify for another stimulus payment worth up to $1,400 in 2022. That’s because babies who were born in 2021 were eligible to qualify for the third stimulus payment, which was issued in March — but the money would not have been automatically issued, as the IRS would not have had the information about your new family member on file yet.
Luckily, this money can be claimed on your 2021 taxes if you qualify based on the income restrictions for the third stimulus payment, which were a maximum of $150,000 for married people who file jointly or $75,000 for individuals.
If you had a significant drop in income from 2020 to 2021 or had other significant changes to your finances or household status you may also qualify for another stimulus payment in 2022.
That’s because the IRS issued stimulus checks based on the most recent tax information on file. And, any significant change in income may mean you are eligible to receive a stimulus payment or more stimulus money than initially received. So, be sure to account for these income changes when filing your 2021 taxes, as it could lead to getting more money for your refund.

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There may have been other issues with receiving your third stimulus payment, like a glitch that caused a missing check or having the incorrect bank information on file. If you qualified for the third stimulus payment but did not receive it in 2021, you can claim it on your taxes this spring.
According to the IRS, you will need to include any information on the total amount of the third Economic Impact Payment you received on your tax filings. You will also need to include information about any plus-up payments you received to avoid processing delays — but if you file your tax return correctly, you should receive the missing money as part of your tax return for 2021.
Parents who received any or all monthly tax credit payments are also eligible to receive another stimulus payment in 2022. That’s because the monthly checks that were issued in the second half of 2021 were just one-half of the total Child Tax Credit payment. The other half has to be claimed on your taxes, so make sure to do that when you file. You may be owed up to $1,800 per qualifying child, and this money will be issued as part of your tax return after your tax filings are processed by the IRS.

 

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Aishwarya Ramaning
About Aishwarya Ramaning 161 Articles
Aishwarya Ramaning, a woman who stands strong, when it comes to the woman's right. She is an autodidactic person, who chooses not to be a silent follower, but an egalitarian from the heart who has sustained the cold winds in rooting her career. Believes a pen could succeed, where a stick or a stomp might have failed. Having a soul of solicitude and a Humanitarian moralist is keenly looking forward to becoming an adept news writer and a legal practitioner.

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