Even if you didn’t receive the stimulus in 2021, there’s still hope for you. The covid-19 pandemic has hit the economies worldwide including the US. With three rounds of stimulus package payments disbursed, the Biden govt. has demonstrated its commitment to revive the States from the plunge.
However, some people still couldn’t receive the COVID relief. The good news is that the government will ensure that the eligible people get their due in 2022.
Stimulus payments will be more targeted in 2022
To ensure equity in distribution, the stimulus is now more targeted, like select workers being covered by the Federal government. The states are doing their due by providing relief to teachers and other eligible state residents.
Babies born in 2021 to get $1400
The most unexpected addition to the list is the babies born in 2021. If you had a baby born in 2021 and your household income meets the criteria, then they are eligible to receive up to $1400 as the third stimulus payment, reports The Sun. The income threshold for single parents is $75,000, while it goes up by another $75,000 for married ones.
Eligible parents can inform the IRS about their baby while filing 2021 taxes in 2022. They will still get the benefit as a tax rebate. Additionally, the new parents should know that the COVID stimulus package also entitles them to an expanded child tax credit.
Not Eligible? Here’s what you can do
Even if you are not eligible for additional stimulus money, here’s what you can do to manage your finances –
- If you have a private lender, refinance your student loan from a government lender. It can substantially ease the terms of the loan.
- If you have multiple credit card loans with high-interest rates, it is better to bundle them into a debt consolidation loan with a lower interest rate.
- Money saved is money earned. Shop smart by using tools to compare prices before making any online purchase.
- If you have any spare change, broadening your investment portfolio might be the right thing to do now.