President Joe Biden signed a huge economic assistance package into law that included a $1,400 stimulus check for over 100 million families, but some taxpayers may be eligible for payment when they submit their 2021 tax returns next year.
Who Will Get the $1,400 Stimulus Check?
In a recently published article in Yahoo News, Parents who welcomed a new baby into their family during the calendar year 2021 are eligible. The $1,400 payments made earlier this year were based on 2020 tax returns, which did not contain any 2021 babies.
There is a strong possibility that the $1,400 stimulus payment that many Americans received a few months ago will be the final one-time payment from the federal government during the epidemic, but another payment is anticipated in 2022.
It is important to note that the current child tax credit checks do not count since they were paid out of the $1.9 trillion stimulus bill passed in March. And since they are half of a 2022 tax credit advance payment. Meanwhile, some of you will get another stimulus check in 2022, according to a published report in MSN News.
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Payments for Newborn in 2021
In a recently published article in Business Insider, according to a Democratic source familiar with the relief legislation, Americans who give birth in 2021 will be eligible for an extra $1,400 stimulus payment as part of the new COVID-19 assistance package approved by Congress.
The current relief measure contains a provision, similar to past stimulus packages, that enables anybody who gives birth in 2021 to get an extra $1,400 check for the infant. According to the Democratic aide, the parents may get the extra $1,400 once the kid is born and they file their tax return in 2022. If they make less than $160,000, they are also entitled to a lesser sum.
Moreover, as a consequence of the law, parents will be eligible for a larger child tax credit. Parents may get $3,600 for each kid under the age of five. They may also be eligible for $3,000 for children aged 6 to 17. Democrats want to give households the option of receiving the money in a single sum at tax time or monthly payments from the IRS, according to a published report in Fortune.
Important Things To Qualify for the $1,400 Stimulus Payment
To qualify for this payment, single filers must have an adjusted gross income of less than $75,000 per year. To get the entire payout, a couple's income must be less than $150,000. For earnings over certain thresholds, the $1,400 is decreased. For single filers earning more than $80,000 and couples earning more than $160,000, it totally disappears.
The temporarily increased child tax credit is available to any parent who has a newborn child in 2021. Again, the $1.9 trillion stimulus bill made this feasible. To make changes to your information, such as adding a new dependent, go to the IRS child tax credit site.
However, depending on when the kid is born, such as late December, it may be too late to have the adjustment reflected in this year's monthly child tax credit checks. In such a scenario, the money would be given to the parents the next year, after they had filed their taxes in 2022.
