With the turmoils still going around, there are hundreds of Americans waiting for their fourth Stimulus Check of around $1400 in 2022. While the federal government is trying to lessen the impact of inflation, there are still various things that one needs to keep in mind while qualifying for the Stimulus Checks.
There is a possibility that the citizens of the US will receive a check of $1400 in the early part of 2022, but there are certain specific criteria that are must be met first.
Why Is This Stimulus Check There?
The US government is here to offer the benefits of the Stimulus Checks in 2022 to the newborns, fosters, and those adopted in 2021-2022. The basic idea is to help the new dependents or their parents fiscally.
This check of $1400 is considered a major relief for all, but it comes with the asterisk mark for the conditions to be fulfilled. Under the new American Rescue Plan, this amount will be made available to new parents and their dependents.
Another Check On The Way
Most US citizens eligible for the Stimulus Checks in 2021 have received the same, but those who failed can now claim the Recovery Rebate Credit in the tax return. Also, if the full amount was received by the end of December 2021, you can claim the remaining amount in 2022.
Another important point is that the payments made for 2021 Economic Impact Payments were based on 2020 or 2019 returns. Some people became eligible in 2021 and are not calculated or made for payment. This is the main reason for the fourth check.
Are All States participating In Checks?
This might be one of the biggest questions facing US citizens. For the fourth Stimulus check, all the states will be equal participants. The Federal budget will have proper set funds for each state which will be allocated. The State’s Administration will have the sole responsibility to decide on the right way to spend the funds. Additionally, the state will decide what all benefits will be part of the plan.
Know The Qualifying Criteria For Recovery Rebate Credit
Here are the points that make an individual qualify for the Recovery Rebate Credit:
- Dependent must be below the age of 19 at the end of the year if a student.
OR
- Dependent must be permanently disabled if of any age.
OR
- A dependent can be a child, brother, sister, foster child, stepbrother, stepsister, half-brother or half-sister, or a descendent of any of them.
AND
- The full amount can be received if adjusted gross income is under $75,000 or an income of $150,000 and are married and filing jointly.
All those who qualify for the additional Stimulus Check will come as a refund for 2021 under the American Rescue Plan.
