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Monday, August 15, 2022

Stimulus Check Credit: Qualify For The $1,400 Payments Under The Recovery Rebate Credit

The fourth stimulus check might not arrive towards the American households so the government had created the Recovery Refund Credit. 

 It makes it possible for any eligible individual who has not received all of the Economic Impact Payments (also known as stimulus check) to claim the missing amount on his or her tax return.

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Americans have this tax season the last chance to claim their last $1,400 stimulus check.

The last $1,400 stimulus check was sent out last March as part of Joe Biden’s American Rescue Plan. Those who haven’t received their cash will need to claim it via the 2021 Recovery Rebate Credit on their tax return

Stimulus Check News: How To Be Eligible For This Credit?

In order to utilize the Recovery Rebate Credit, you have to indicate the stimulus check you have received this year and the amount that was supposed to have been sent to you.

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You need to be the parent of a child born in 2021-or parents and guardians who added a new child to their family in 2021-may be eligible to receive up to $1,400 for the child. Families were also included who added a dependent on their 2021 tax return. Unmarried filers had qualified who  had income above $80,000 in 2020 but below that amount in 2021. Married couples who filed a joint return and had income over $160,000 in 2020 but less than this amount in 2021.

Heads of household who had an income above $120,000 in 2020 but below the same in 2021 were also included, provided they had filed their returns. Unmarried filers who had income between $75,000 and $80,000 in 2020 but had lower income in 2021 had qualified for the same.

Married couples were also eligible, who filed a joint return and had income between $150,000 and $160,000 in 2020 but had lower income in 2021.

Heads of household were also eligible if they filed jointly and had income between $112,500 and $120,000 in 2020 but had lower income in 2021.

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