2022 has begun. Over the last two years, the COVID-19 pandemic has wreaked havoc on the American economy and taken millions of lives. Indeed, the United States of America has experienced, perhaps, the greatest economic retraction it has had in history. Inflation is soaring, the cost-of-living adjustment of around 5.9%.
Medical costs and living costs during the pandemic are unfortunately rising sharply in the United States of America. Unfortunately, the lower to middle-income citizen feels the economic contraction the most. As such, President Joe Biden’s administration proposed a Build Back Better act that would aim to supply economic aid to suffering eligible citizens, children, and families through the American Rescue Plan and the extended child tax credit program.
Explanation of Stimulus Checks
In brief, the proposed Build Back Better act that the House of Congress has already passed aims to tax the rich to supply needed aid for low-income families, citizens, and children.
However, whether President Joe Biden will get his Build Back Better act brought into legislation still is unclear as Democratic Senator Manchin seems still to be reluctant to give his vote in favor of the act. However, 3 stimulus checks were sent out to American citizens aiming at helping them cope during the COVID-19 pandemic.
Such checks aimed at providing economic support for struggling citizens and families and, in the case of the extended child tax credit program, offered tax rebates to eligible citizens. Not everybody eligible for the third stimulus check of $1,400 has received it. This may be due to several reasons – but 2022 has begun, so don’t hold off until too late if you have not received the total amount of your December payment. You can, according to Marca, claim the owing amount when you file your taxes this year. That means you have until the 18th of April this year to claim this stimulus payment or tax rebate, that is if you are eligible.
$1,400 Stimulus in 2022
Eligibility requires that you fall into a certain income bracket – below $75,000 per year – if you file single – and below $150,000 if you file a joint return. Furthermore, in the case of the child tax credit stimulus check of $1,400, your children or dependents must be younger than the age of 19.
Also, don’t forget that the tax returns for April will be done on 2021’s figures. This means that if you didn’t receive your 3rd stimulus check last month that you might now be eligible as earnings from the year 2020 are not used to calculate your income bracket.