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Tuesday, May 30, 2023

Stimulus Check Update: Payments Worth $5,000 Could Be Waiting

While it is pretty clear that a fourth stimulus check payment would not be coming to Americans anytime soon, there is still a section of the population that might get some cash from the government in 2022. According to a report published on Nasdaq.com, individuals who have added a child to their existing family in 2021 could definitely be in line for quite a nice little chunk of change- which amounts to quite a massive sum of $5,000. 

Massive Stimulus Check Money Coming In For Parents

The breakdown is quite simply- there was a built-in stimulus check payment of $1,400 per dependents from 2021, and an expanded Child Tax Credit worth $3,600 per child for children who are under the age of 6, along with a sum of $3,000 for children who are between the ages of 6 and 17.

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According to this report, for anyone who has had a child the previous year, that child would definitely count as a dependent for both purposes of the stimulus payments as well as purposes for the Child Tax Credit. As per the report, the IRS wouldn’t have any clue about this child yet, when it was sending out the payments last year. 

This implies that individuals who fit in the category will soon be able to receive their stimulus check payment of $5,000. The report also claims that anyone who went on and added an older dependent, such as parents who adopted a child over the age of 6, would be entitled to a payment of $1,600 as well as the expanded Child Tax Credit. People who usually fit in this category would generally receive a massive sum of $4,400, as reported by Nasdaq.

But those who have had more than a single child the last year- say, twins, for example- would be receiving a stimulus check payment of $10,000 because of this credit, as the report claims.

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