The stimulus check payment of $1,400 that was sent months ago could be the last relief check that the people could receive in the pandemic, from the Federal government.
This does not apply to certain people and they might be getting another stimulus check for $1,400 as long as they meet the requirements.
Another Stimulus Check For $1,400 Might Be On The Way
The new stimulus check that we are talking about will definitely count as the fourth one but not what you might be expecting. We can call this “Schrodinger’s stimulus payment”.
Congress might approve a bill that will fund a new round of stimulus checks, which will on the lines of the previous ones. The last ones were for $1,200, $600 and $1,400.
The current CTC does not count as they were funded from the March stimulus law of $1.9 trillion. They are just “half” of an advance payment of a 2022 tax credit.
Parents who have given birth in 2021 are eligible for the new stimulus check, which is for $1,400 in 2022. They would get the payment after filing their taxes in 2022. This payment should not count as a new stimulus check as this might not even come. The funding for this payment was made in the March stimulus law.
When people talk about another payment, it basically means if another funding gets approved or not.
Currently, Congress is wracked by partisanship and the President chose to focus on topics like infrastructure and Afghanistan.
The new stimulus check will have an income threshold, as usual.
Single filers cannot make more than $75,000 in a year in AGI to receive this payment.
For couples, their income has to be less than $150,000 to get the full payment.
The $1,400 is reduced for incomes above those levels.
It phases out completely for single filers who make more than $80,000, and couples who make more than $160,000.
Any parent who welcomes a newborn child in 2021 qualifies for the temporarily expanded child tax credit. Which, again, was made possible by the $1.9 trillion stimulus law.