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Stimulus Update: Is This The Last 2021 Stimulus Check?

Stimulus Update: Is This The Last 2021 Stimulus Check?
Stimulus-Update

Hundreds of American Citizens have received stimulus aid from the US government. The last installment of the stimulus checks is due on Dec. 15. But, with the pandemic still very much in existence, everyone is asking the same question-Will there be more stimulus dole-outs in the offing in 2022? Here is the latest  Stimulus Update.

President Biden’s administration had Okayed the American Rescue Plan Act in March 2021 and provided checks worth $1400 to eligible adults and their dependents.

The ascent reports that the act also changed the modus operandi of the payments, allowed families to receive the stimulus funds every month, and expanded the existing Child Tax Credit.

Citizens will receive the last of these payments On Dec. 15, and here is some information for Citizens who didn’t get any of the stimulus money they should have received this year.

 

Stimulus Update: Will Eligible parents get money in their bank accounts on Dec. 15?

Before the American Rescue Plan Act, the Child Tax Credit payment was worth $2,000 per eligible child. However, only $1400 of the credit was refundable. In other words, citizens with less than $2,000 in annual tax liability didn’t necessarily receive the total amount. In addition, these credits applied to parents who filed their tax returns and claimed the credit. It meant that it was a once-yearly payment, and people didn’t actually get money back, but instead, the credit reduced their tax bill.

The American Rescue Plan envisages expanding the credit to $3,600 per eligible child under age six and $3,000 for children aged 6 to 17. The IRS also began delivering part of the credit at a rate of $250 or $300 per month starting in June.

 

Citizens who gave their bank details to the IRS have already received the payments on or around Jun. 15, July, August, September, October, and November. Citizens will receive the last compensation in December.

 

If you have furnished your bank details, you will receive the money on Dec. 15, 2021. It will be the last payment for the year, and half of the expanded credit will be delivered. You can claim the remaining half when you file your 2021 tax return in 2022.

 Will the expanded Child Tax Credit will continue for another year?

As a part of the Build Back Better legislation recently passed by the House, which Biden intends to make into law, the expanded Child Tax Credit will continue for another year. However, if Congress does not approve it, the December payment will be the last most families get.

 Will Citizens who missed out on stimulus money get it later?

Suppose Citizens who are entitled to the $1,400 stimulus payments or the expanded Child Tax Credit do not receive the money. In that case, they can claim it by filing a 2021 tax return once the IRS begins accepting them some time at the end of January next year.

 

Citizens who did not file a recent tax return or added new dependents to their family in 2021 that the IRS didn’t know about would not have received the stimulus money. Therefore make sure you claim all of the stimulus funds available to you since it is doubtful lawmakers will provide any more coronavirus relief in 2022.

1 Comment

1 Comment

  1. Theresa. Hanks

    December 19, 2021 at 4:39 AM

    These stimulus check s are great for the family’s but what about the people who are stuggungy to get by one who are sick and can’t work and want to work. The unemployment is back up ayear before you can even get it going them people are nothing to the gov you just let them suffer and don’t worry about them. And you say we the gov care and willhelp. But that’s just words on paper your told to say cause if it was true you would be helping like you say . But you just sit back and don’t care cause people wouldntybe living on the streets srehurting to keep going are may the more that die are end up on the streets is what you want. I use to. Leave it the gov but how can I when the gov don’t care they sit back and let their own life keep going their lives arnt in trouble.

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