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Saturday, May 21, 2022

Stimulus Check: IT Return 2021 Can Get You Another One

Tax filers earning below the allowable standard deduction of $12,550 (individuals) and $25,100 (married couples) need not file their tax returns. But even they should file an income tax return in 2022 if they want to claim the third stimulus check and other payments that may be owed to them by the IRS, including for dependents and children.

Your refund relief check could come to you from multiple sources. One is by reclaiming taxes that you are already owed. The other is through a tax credit for amounts that are rightfully yours, including payments against the 3rd stimulus check.

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Even those who earned below the standard deduction amount may have some taxes withheld in 2021, say by a whole-time employer where you worked for a few months. You can claim this amount as a refund.

While refundable tax accredits are valuable for filers who do not normally need to file an income tax return, non-refundable credits, plus various other deductions are less than the amount you owe as income tax.

Claiming The Third Stimulus Check Through The RRC And EITC

There is the Earned Income Tax Credit, which helps low and medium-income citizens, and their families, get an income tax break. If your AGI is low, you qualify for full credit.

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The Child Tax Credit relief check was made fully refundable under the Rescue Plan and the maximum payable increased to $3,000 for children between 6 and 17, and $3,600 for children below 6, raised from the initial amount of $2,000. People earning $75,000 and below as individuals will get the complete stimulus check. For married couples, the maximum AGI allowed is double at $150,000.

Most citizens received 3 relief checks. People who have not received the third stimulus check can claim it as a Recovery Rebate Credit against the federal income tax returns for 2021. You are entitled to a stimulus check of $1,400 if your individual income is below $75,000 for a single tax filer and double that for a couple filing jointly.

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