In the month of March last year, Joe Biden, the President of the United States of America, approved a law. The said law dealt with the financial aid to be provided to the people of the country. It also carried a provision to provide a stimulus check of a total of 1400 USD to be given to about 100 million families. As per the current possibilities and situations, it has come to the conclusion that the third round of money that was provided to the people was the final one irrespective of the ongoing financial crisis in the country.
Stimulus Check Eligibility
Irrespective of everything, it is also to be noted that some people are yet to receive their share of the stimulus checks. The department of the IRS will be generating the money for some people who file for tax returns for the year 2021. This will take place in the year 2022. And as far as eligibility is concerned, the money will be provided to all those parents who welcomed their newborn in the year 2022.
The stimulus check payments that were provided this year, were generated on the basis of the tax returns of the year 2020. But the newborns were not included in it. A few sources recently confirmed that the financial aid payments that would be provided in the next year would be given to the new parents who were eligible.
The one thing that is to be noted is the fact that not all the parents will be eligible for the stimulus checks. They will have to meet the eligibility requirements. For all single parents, their income should not exceed 75,000 USD a year. And the income of couples must not cross 150,000 USD a year. Those taxpayers who earn more than the stipulated amount will get a reduced amount of money. And the single parents who earn more than 80,000 USD a year, will not be eligible for the parents. Similarly, the couples earning more than 160,000 USD, will not receive the money at all.