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Stimulus Check: These Families Are Eligible To Receive $1,400 In 2022

Stimulus Check: These families are eligible to receive $1,400 in 2022

Not got your third stimulus yet? The fourth stimulus will be a boon to those who missed out on the third stimulus checks. They will have the opportunity to claim the money for tax returns in 2022. Every household will receive $1400 per dependent. These stimulus checks happen to be a part of the rescue plan that president Biden set out to make in March 2021.

A better phase-out limit 

The stimulus checks distributed earlier, which had joint fillers of families with incomes under $150,000 annually and those with joint fillers above $1,60,000 per year, were left out of the scheme. A few of the higher earners were eligible for a smaller payment.

The first phase-out saw $99,000 or $198,000 and the second stimulus phase-out was for $87,000 or $174,000.

Understanding the eligibility criteria

The third stimulus checks distribution has already begun, with more than $400 billion distributed. This tax season will see a rise in the payments. The initial payments for the third tax stimulus were based on the tax returns of two financial years of 2019 and 2020. However, with the revised eligibility criteria in place, even the tax returns of 2021 will be considered by distributing third stimulus checks to the affected households.

The number of dependents of all ages increased considerably and keeping that in mind, the stimulus checks have added the extra $1400 credit. The criteria further gave eligibility to American citizens who didn’t file for tax returns in the year2019 or 2020. Even those who did not claim a direct payment by using the tool given by IRS for non-filers are eligible for the third stimulus package.

The elgiblity further extends to taxpaying citizens who have recovery rebate credit in their 2021 tax return. It will help the person get a reduction in the amount of tax owed for the year 2021. If not, it would be added to the tax refund that you can claim.

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