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Monday, October 3, 2022

Stimulus Check Update: Who Will Be Receiving Some Funds This Year?

An all-encompassing stimulus check payment is certainly not in the works for this year, or there are just a very few chances of that actually happening. Nonetheless, a few people will still be benefitting from the programs made in 2021 and be able to receive some of the funds this year.

While the funds that were supposed to come in this year initially had hopefully gone on to include another year of Expanded Child Tax Credit Payments, those have been suspended for the time being- which depends on the Senate being able to President Biden’s Build Back Better plan. 

Stimulus Check For Parents Coming This Year

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Those who have already qualified for the Stimulus Check Tax Credits in 2021 but did not receive them because they hadn’t gone ahead and filed a tax return or for some other reason have now been owing both portions of the credit- which contains a maximum of $3,600 per qualifying child. Depending on how many of the eligible children those qualified residents have, they could be seeing quite a massive amount of money that has been coming their way from the IRS.

Along with that, those who did receive the first half of the stimulus check payments will also be receiving the second half when they file their taxes for 2021 this year- which would equal a sum of $1,800 per qualifying child. Unlike the earlier credits, which turned out in the form of monthly installments, this would definitely come out as a lump sum of the tax return. 

Parents who recently had a new baby or went on to adopt one in 2021 will also be qualifying for the extra cash- and not simply because of the child tax credit. A child who was born in this year would also be eligible to qualify for the third stimulus check of $1,400. As such, parents who qualify will be able to claim the payment as well as the tax credit. 

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