The parents in the US who have welcomed a new member of their family are likely to receive monetary benefits in 2022. The government will provide additional benefits due to an increase in the dependents in the families. Eligible beneficiaries will receive other checks worth $1,400 in addition to the number of tax refunds. Newsweek reports that the families will receive benefits under the American Rescue Plan. The government has issued a cumulative package worth $1.9 trillion to supply the funds. The government has made sure that there is no dearth of funds for the citizens.
The Families Will Receive Remaining Payments In 2022
The families whose children were eligible this year have already received funds in 2021. The majority of those families have received the total amount and can now apply for the Recovery Rebate Credit at the next tax return.
The stimulus checks are Economic Impact Payments issued to the citizens this year. The families who did not get the complete quota of their benefits will receive the remainder in the next year. The families will get the rest of the payments when they file their taxes in 2022.
The pattern of payments will differ during 2022. Contrary to 2021, the eligible families will get the payments regarding the American Rescue Plan. The beneficiaries will get their credits based on the refunds in 2021. The dependents should be under 19 to receive the benefits. The age limit for the students is 24, whereas there is no such restriction for disabled individuals.
Eligible Dependents Will Receive The Payments
The eligible dependents to receive the benefits are children, brothers, sisters, foster children, stepbrother, stepsister, half-brother, half-sister, and any legal descendants. There are specific parameters for the beneficiaries as far as income limit is concerned; they must make less than a threshold amount to receive the Recovery Rebate Credit. The government authorities have informed the citizens that they should check their child tax credit payments eligibility. The threshold income amount is different for single and married beneficiaries for the monetary payment. The taxpayers who exceed the threshold income limit will not receive the benefits.