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Saturday, October 1, 2022

Stimulus Check Update: Expanded Families Will Receive $5,000

It has been pretty evident that most legislators haven’t shown much interest in launching another stimulus check for the population of the country. Still, there is a single group of people that could receive a sum of $5,000 in stimulus money, and this group includes parents who have added a new child to their family in 2021.

This coronavirus stimulus payments to parents, however, won’t be deemed available automatically. Rather, parents would have to claim this money by filing for their tax return for 2021. 

$5K In Coronavirus Stimulus Check To Parents: What Is It?

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Parents who gave birth to a child the previous year were able to claim a sum of $5,000 from two different programs, which includes a $1,400 stimulus check payment and the expanded child tax credit. Both of the programs have been a major part of the American Rescue Plan Act, which was approved the previous year in March.

The American Rescue Act went ahead and authorized the third round of stimulus payments, which also included a payment of $1,400 per dependent. Also, the act went up and expanded the child tax credit to up to $3,600 for children who were under the age of 6. 

If you gave birth to a baby in 2021, it would definitely count as a dependent for both the $1,400 stimulus check payment and the $3,600 expanded child tax credit. So, if you had a baby in 2021, but haven’t already claimed the payments, then you would definitely be eligible for the $5,000 coronavirus stimulus payments to parents.

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There is also a big chance that you didn’t claim the money the previous year. This is precisely due to the IRS not being informed about your child when the payments were sent. 

In order to claim the coronavirus stimulus check payment to parents, one would have to file their tax return for 2021. The IRS has now started accepting most of the tax returns. 

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