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Stimulus Checks

Stimulus Payments: Check If You Are Eligible To Receive $1400 In 2022

Stimulus Checks Tracking Down Child Tax Credit If You Haven’t Received It Yet
Image source: (Pexels)

Don’t lose hope if you are not eligible in 2021. There’s a way for you to receive the benefits still.

The more money in the hands of taxpaying households, the faster is the economic revival – This is the theory that the Biden govt went with while approving the $1.9 American Rescue Plan. To this end, three stimulus payments have been made in 2021. But the third stimulus payment has a few changes compared to the previous two payments.

Less Money for the High Earners

Just like the first and the second payments, individual tax filers with yearly income up to $75,000 and joint filers up to $150,000 were eligible to receive the full amount. Those who earned more were given lower amounts.

People earning over $80,000 individually and joint filers above $160,000 were not given any benefits. This limit was $99,000/198,000 for the first round of stimulus check payments and $87,000/174,000 for the second round. Evidently, the limit is lower for the third round.

Already Paid Over $400 Billion

The third stimulus round saw 170 million check payments taking the bill to over $400 billion as of July 2021. According to the IRS department, the bill is only expected to rise in 2022 as those ineligible for the benefits in 2021 might become eligible in 2022.

More payments in 2022

Multiple factors will drive the increase in stimulus payments. Firstly, as per their 2019 and 2020 tax filings, the ineligible people can claim the amount if they fall below the income threshold in their 2021 tax filings. The same is true for the families which added a dependent member to the family in 2021. Such individuals/families can claim their share of the third round of stimulus checks.

Additionally, if someone who didn’t file taxes in 2019 & 2020 and didn’t use the IRS’ online tool to claim the stimulus package can also claim the amount.

Stimulus Check as Recovery Rebate Credit

The taxpayers need to ask for a Recovery Rebate Credit in their 2021 tax filings to claim their stimulus amount.

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