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Wednesday, August 10, 2022

Stimulus Check Update: Here’s How To Receive Your Payment

The third stimulus check payment was delivered to most of the eligible families and the process began in the March of 2021. This was a major part of the American Rescue Plan Act, and while the IRS went on to announce that they have already sent out all of the payments to qualified families, there is still a definite possibility that some families haven’t yet received their money on the table.

The IRS did mention on Wednesday that parents of children who were born or added to the family in the previous year would be deemed eligible to receive a payment of $1,400 for the child by claiming the Recovery Rebate Credit.

How Should You Receive Your Third Stimulus Check Payment?

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But the main question stands- are you entitled to receive a recovery rebate credit and if you should be applying for one under the stimulus check payment? The IRS has recently delivered a bunch of explanatory letters to those who did receive the third stimulus payment, which certainly breaks down how much you have been receiving and whether you would be able to qualify for more payment under any new amendment or rule that could have passed. The information is also freely available on the website. 

However, for those who haven’t received a payment over the year, there is still a way to see if you would be qualifying for the stimulus check payment. Some of the questions that you need to ask yourself are-

  1. Does your family have a new child?
  2. Did the income of the family change drastically over the course of the year?

If so, people should start looking into applying for the recovery rebate credit. The IRS has reported sending out 175 million third-round payments last year, which had a cumulative total of more than $400 billion. 

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For those who got a CTC Stimulus check payments the previous year as well, a separate letter would be sent out to those families too. 

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