IF you are a new parent and have given birth or adopted a child in 2021, you will likely receive an additional $1,400 stimulus fund next year.
The government is still working to provide relief to select groups of Americans in the context of the ongoing Covid-19 crisis.
And for those parents and guardians who have welcomed or will welcome a child in 2021, there may be a stimulus test in the store.
However, some couples were not able to have children when the plan was enacted.
Those parents will then be eligible to declare their new dependents when filing taxes in 2021.
It should be noted that there is no limit to the number of new dependents claimed, meaning parents who have welcomed more than one infant will be able to receive multiple payments.
There will be about 3.6 million births in 2020, with numbers expected to be pretty similar for this year.
HOW DO I KNOW I ELIGIBLE?
You must meet certain requirements to be eligible for the extra relief, even if you’ve welcomed a new baby in 2021.
Filing taxes for 2021 is a must.
The current deadline is April 15, 2022, although it has been extended for both 2020 and 2021 due to the Covid pandemic.
In terms of income, couples earning up to $150,000 qualify, as do individuals earning $75,000.
Families will see the stimulus check payment once their 2021 tax return has been processed.
HOW DIFFERENT THIS DIFFERENT TO THE CHILDREN TAX CREDIT?
In July, the IRS rolled out child tax credit program, offering up to six monthly payments from July to December 2021.
Families with children under the age of six can receive a $3,600 credit, while families with children ages six to 17 can get $3,000.
A $500 credit is available for families with college-aged children ages 18-24.
After the IRS processes tax returns for 2021 in April 2022, families may receive the final payment, bringing them up to the totals listed above.
We explain why Some families will receive $900 per child in child tax credits this month.
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https://www.the-sun.com/money/4077653/surprise-stimulus-checks-parents-newborns-adopted/ | Surprise check for $1,400 to be sent to parents next year – see how you can claim yours