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Saturday, October 1, 2022

Stimulus Check Of $1,400 Could Come In The New Year: Check Your Eligibility

Families across the US could receive a stimulus check for the new year of up to $1,400. The money could come from the $1.9T Rescue Plan, signed by the President in spring.

With the 4th round of stimulus checks unlikely to materialize from the federal administration, it is time to check up on other avenues of stimulus payments. With the economy recovering after the downturn caused by the pandemic, any further stimulus checks seem a remote possibility.

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However, 2022 could prove to be lucky for some families who are yet to get the 3rd round of the Economic Impact Payment. A final lot of stimulus checks will become due when eligible individuals and families file their income tax returns for 2021 early next year.

Families eligible for a check includes parents of children born or adopted in 2021 who were not included in the previous income tax returns.

Stimulus Check For Births And Adoption In The Family In 2020

The 3rd round eligibility was centered on the 2020 income tax returns filed in 2021. It would thus not include family members born or adopted into the family in 2021.

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As with previous rounds of stimulus checks, individuals and families would need to be within the income eligibility limit for getting the $1,400 payment. Individuals should earn not above $75,000 in the last income tax filing while the gross income for couples should be less than $150,000.

Parents earning above the cut-off mark will find their stimulus check reduced and it will be totally phased out at $80,000 for individuals and $160,000 for couples.

It is estimated that millions could still get a check under these conditions. The exact figures will only be now after the total births in 2021 is revealed. The corresponding birth figures in 2020 were 3.61M, down from 3.75M in 2019. 

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