COVID19 has been a period of turmoil. With lots of ups and downs and various uncertainties, there is no doubt that pandemics created a ripple of troubles for all. While people struggled to keep up with the ongoing work culture, well-being and support were the most important questions.
But as the pandemic enters the third year, the government is here with a surprise side of the Stimulus Checks; parents who have expanded their families in 2021 are now eligible to get the stimulus checks which can amount to $5000.
Stimulus Checks News Is Out
With the COVID19 wave going on, the lawmakers showed little interest in providing the fourth Stimulus Checks. But the recent report by Nasdaq.com suggests that people who have added a new depending on their family in 2021 are eligible for $5000 checks.
What The Report Has To Say
The American Rescue Plan Act provided two main points:
- There will be a first stimulus payment of $1400 for every dependent from 2021.
- Secondly, an expanded Child Tax Credit (CTC) of $3600 per child for under 6 years and $3000 per child between 6 and 17 years is available.
Know The Report
During the last year, any child born in the family will be counted as dependent for the CTC. Also, adopted children will be eligible for CTC.
In simpler terms, if a child was born in 2021, IRS might not be aware of the same, but the family will be eligible for the payments in 2022. The conditions are applicable for parents with twins or triplets. Such a family will qualify for $10000 or $15000 depending on the number of children.
The only thing the parents would need to do to receive the stimulus payment files the tax return. Based on the details recorded in the tax return, the stimulus checks amount will be credited to the account.
Claim $5000
By filing the 2021 tax returns, parents can claim the $5000 payment. It is expected that the IRS will start accepting the same around January or February 2022.
The amount will be deducted from tax liability or added as a tax refund. The fastest way to gain a refund is to file the tax and submit a request to the IRS to directly deposit the same in the bank account.
One more thing to remember is that people who have added a dependent are eligible for the payment, and those who have missed the same in 2021.
