SOME US households may be eligible for stimulus check payments of up to $1,400 in the first months of 2022.
Additional amounts available for households who has a newborn in 2021 or if you’re living abroad, while some may qualify for “plus” payments and other credits.
People with reduced income may be eligible for an additional payment.
Another round of Stimulus test was launched in March 2021 as many people haven’t filed their 2020 taxes, so their checks are based on their 2019 returns.
But many have seen their income drop significantly between 2019 and 2020 due to the pandemic.
As a result, some may have received less than they were entitled to because the amount was based on outdated tax returns.
Taxpayers who have not filed a tax return in recent years choose to file in 2021 should also be able to ask $1,400 economic impact payments.
To get the cash, you’ll need to file a 2021 tax return.
IRS started accepting tax returns last MondayJanuary 24th and it usually takes 21 days to send a refund.
Meaning households can expect cash from next month.
The payment will be sent directly through the vehicle the taxpayer has chosen to receive the refund, by mailed check or in person.
Another incentive to file a tax return is Earn income tax credits.
The earned income tax credit is available to low-income working families as well as low-income workers without children.
Credit equals a fixed percentage of earnings from the first dollar until the credit is maxed out.
It has been extended from a maximum of $543 to $1,502 for 2021, under American rescue plan.
You have to Tax to claim the earned income tax credit, even if you don’t owe any taxes or aren’t required to file.
The EITC is then paid out once a year in aggregate.
For more information on how the plus stimulus test works, visit IRS FAQ page.
Dani Pascarella is a Certified Financial Planner, CEO and Founder of the financial health platform, OneEleven.
https://www.the-sun.com/money/4572874/stimulus-check-payment-plus-up-2022-file-taxes/ $1,400 stimulus check payments to be sent to families from next month – see if you qualify and how to claim