Since the beginning of the coronavirus pandemic, the United States federal government has distributed three rounds of stimulus checks to help Americans cope with rising prices and lost jobs. Still, many are asking if another $1,400 payment package will come.
Currently, there is a growing need for another payment distribution for Social Security beneficiaries. The nation is facing an increased risk of economic problems due to the rapid surge of the Omicron variant across the United States. Seniors increasingly need stimulus checks to pay for necessities.
Fourth Stimulus Check
Since the beginning of this year, Congress has constantly been put under pressure by the Senior Citizens League (TSCL) after a petition received more than 95,000 signatures calling to issue another one-time Social Security stimulus payment worth $1,400. The financial assistance would be catered for senior citizens in the country and is brought by the uncertainty in the country following the surge of coronavirus cases.
In essence, if American lawmakers choose to issue the payments, it would act similarly to a fourth stimulus check package. The cost-of-living adjustment (COLA) in 2022 has seen the highest increase in the last four decades. The situation has pushed many seniors in the country into a higher tax bracket, Marca reported.
The situation has resulted in calls for stimulus checks that could help offset the additional living costs. In the last 21 years, COLAs have increased Social Security benefits by 55%, which has affected seniors due to the overall expenses exceeding the increase with the COLA. This can be proven by the fact that housing and healthcare costs have increased by 118% and 145%, respectively.
Furthermore, families who have had another child in 2021 could receive an additional $3,600. The amount results from a stimulus payment that was meant for children under the age of six years but was never actually distributed under the Child Tax Credit, MassLive reported.
The calls for another stimulus check package also come as thousands of dead American citizens are expected to be eligible for $1,400 stimulus checks in 2022. Citizens who are thinking of applying for their late relatives may undergo the process to receive unclaimed money last year on behalf of their deceased family members.
United States President Joe Biden signed the American Rescue Plan into law in March 2021 that delivered $1,400 stimulus checks to the majority of the country's citizens. The financial assistance was intended to support residents struggling amid the coronavirus pandemic, The Sun reported.
Financial Assistance
The Internal Revenue Service (IRS) published earlier this month information for taxpayers that noted families of people who died in 2021 and did not receive the full Economic Impact Payment last year can still be eligible to get the remaining funds.
Furthermore, many Americans can also try to expect a letter from the IRS to notify recipients of their eligibility for additional stimulus check money. Americans who received the third stimulus check payments in 2021 will receive Letter 6475, Your Third Economic Impact Payment.
The agency explained that the letter would help recipients determine whether they are eligible and should claim the recovery rebate credit on their 2021 tax returns once they file in 2022. Furthermore, residents will need documentation to claim any additional money from an adjusted recovery credit if they earned less money in 2021, CNET reported.
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