Some To Get More Coronavirus Stimulus Checks This Tax Season
With the last installment of the expanded child tax credit already sent, there is no more federal stimulus money that is due this year. Some Americans, however, could get more...
With the last installment of the expanded child tax credit already sent, there is no more federal stimulus money that is due this year. Some Americans, however, could get more coronavirus stimulus checks next year. Specifically, the stimulus money due to them would arrive at the time of filing a tax return next year.
How Might Families Get More Coronavirus Stimulus Checks In 2022?
With the rise in the number of Omicron cases, some people are expecting Congress to send more coronavirus stimulus checks. However, there are no signs so far of Congress sending more stimulus money.
Still, some people could get more coronavirus stimulus checks when they file their tax return next year. This stimulus money would be in the form of the remaining half of the child tax credit and the Recovery Rebate Credit.
Congress has sent three stimulus checks since last year. Two stimulus checks of up to $1,200 and $600, were approved last year, and one of up to $1,400, was approved this year. Each stimulus check came with its own set of eligibility requirements, with regards to income, dependents and more.
Those who qualified for the $1,400 stimulus check, but didn’t get it, or got less than what they were eligible for, will be able to claim the money when filing their tax return this year. Also, those whose income dropped this year, or they added a new dependent, would be eligible to claim additional money.
Moreover, those who are still waiting for their first and second stimulus check of up to $1,200 and $600, would be able to claim that money by filing a separate 2020 tax return.
Claiming Other Half Of Credit Tax Credit
Other stimulus money that many families would get when they file their tax return is the remaining balance of the child tax credit. With the American Rescue Plan, which was approved in March this year, President Biden not only expanded the child tax credit, but also changed the way families get the money.
Under the new plan, families got half the money they were eligible for in six monthly installments, and the other half they will get at the time of filing their tax return next year. So, a family with a child under 6 years would be eligible for up to $300 per month (from July to December 2021) and up to $1,800 at the time of filing a tax return.
Similarly, families with a child aged 6 and over are eligible to get up to $3,000, including up to $250 in the form of six monthly installments and up to $1,500 at the time of filing their tax return. The IRS has already sent six monthly installments, with the last one going out on December 15.
Now, eligible families will get the other half of the child tax credit when they file their tax return next year.