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Monday, September 26, 2022

Americans Could Get Millions In $1,400 Stimulus Checks: Are You On That List In 2022

US citizens who are yet to get their third stimulus check could get it in the next couple of months. If you think you are eligible to be on the list make sure you have submitted all your papers.

You could be in line for a $1,400 stimulus check if you have welcomed home a child in 2021. The EIP pays an equal amount for every child born in 2021. The numbers were a staggering 3.61M for 2020, but the figures for 2021 are yet to come in.

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You should claim the child born or adopted in 2021 as an eligible dependent in the income tax returns for 2021 to be submitted in 2022. Eligible parents must also check their income during 2021.

Individual filers with an income of $75,000 or less will get the full $1,400 stimulus check. For couples married and filing jointly, the income barrier is $150.000 for 2021.

The stimulus check amount will get gradually reduced after crossing that level. Taxpayers will become ineligible when income crosses $80,000 for individual filers and $160,000 for a married couple filing jointly.

IRS Sent Out Important Letter No. 6475 Linked To Stimulus Check

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The tax authorities sent a crucial letter 6475 linked to the economic impact payment first paid at the beginning of 2021. Parents of children born in 2021 are entitled to collect this letter.

Filers who received the letter can calculate the amount they can expect by referring to IRS Form No. 1040, the RRC worksheet.

The IRS has been accepting 2021 tax returns starting January 24. It takes an average of 3 weeks for refunds to be processed and dispatched through direct deposit.

Filers opting out of an online filing and choosing a paper option instead will find that their refund has been delayed for over 6 weeks.

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