HERE’S how you can receive a $1,400 “stimulus check” payment in 2022 via your tax return.
Taxpayers in the United States could expect to receive up to $1,400 in relief money on top of their tax refund in 2022 thanks to the US rescue plan.
The US bailout, worth an estimated $1.9 trillion in relief, was passed in March and created to provide financial relief to those suffering economically from the coronavirus pandemic.
The plan provides payments of up to $1,400 to eligible individuals and their dependent children.
Those eligible for “stimulus money” must have either had a child born in 2021 or obtained a new dependent.
If either of this information is true, taxpayers can claim the clawback rebate credit when filing their next tax return in 2022.
Stimulus checks sent in 2021 are considered prepayments of the recovery rebate credit.
And those relief check amounts were based on a person’s 2020 or 2019 tax return and so if a family had a baby in 2021, they wouldn’t have been included in the payment.
They can, however, make a claim on their tax return which is filed next year.
Payments, however, will not be sent as a separate check, but anyone eligible for the additional payment will receive the credit as part of their 2021 refund.
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Additionally, if an eligible taxpayer has not received a relief check for the correct amount by December 31, 2021, the missing money can be claimed on the 2022 tax return.
How to qualify
To be considered an eligible dependent, a person must be under the age of 19 at the end of the year, unless they are a student and then they can be up to 24, or any age and be permanently and totally disabled.
To be able to claim the full amount of stimulus money, a taxpayer must have an adjusted gross income of less than $75,000, or an income of $150,000 and be married and file jointly.
The eligible dependent could also be in line to receive the child tax credit.
It should be noted that there is no limit to the number of new dependents claimed, which means that parents who have welcomed more than one newborn will be able to receive multiple payments.
IRS Suggests Filing Tax Returns Electronically
The IRS notes on its website: “File your 2021 tax return electronically in 2022 and the tax software will help you calculate your 2021 recovery rebate credit.
“Your recovery rebate credit will reduce any tax you owe for 2021 or be included in your tax refund, and can be deposited directly into your financial account.
“You can use a bank account, prepaid debit card, or other financial products for your direct deposit. You will need to provide routing and account numbers.”
2020 tax filing issues
The IRS also warns that if your 2020 tax return has still not been processed, you should not file a second tax return.
“Some returns require special handling to correct errors or credit amounts, which can delay processing for up to 120 days,” the agency explains.
“The IRS needs to correct many more errors on 2020 tax returns than in previous years.”
If the credit claimed on your tax return is corrected, an explanation will be sent to you by the IRS.
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