More stimulation checks for 2022
As another pandemic year draws to a close, the economy continues to try to rebound and bring millions of Americans into a more financially stable state.
No one expects Washington to agree to hand out more extensive stimulus checks, but many people remain worried about paying all of their monthly expenses as the pandemic continues.
Much of the government’s remaining COVID aid is going to more targeted groups, and one of those small groups of Americans will have stimulus payments coming in 2022. Granted, many of these households who may be expect the money to need it to cover bills or deal with debt.
Here’s who can expect more stimulus payouts in 2022
As a backdrop, the federal government continues to make stimulus payments to some workers, and states have used some of their federal relief to provide bonuses to teachers, with some issuing stimulus checks to state residents who meet income requirements.
But another group eligible for stimulus payments might surprise you: babies born in 2021.
Newer Americans are entitled to payments of up to $ 1,400 from the third (and possibly last) round of federal stimulus checks that millions of people received in March.
To be eligible for the full amount, your household must meet income criteria: $ 150,000 for married people filing a joint return or $ 75,000 for individuals.
New eligible parents who notify the IRS that they have had a baby – or babies – when they file their 2021 taxes next year will still receive a stimulus check for those children.
Additionally, people with newborns in 2021 might not realize they are eligible for the expanded child tax credit that is part of the government’s COVID stimulus package.
You could have chosen to notify the IRS this year about your new family member to get the first monthly tax credit payments the agency pays in 2021.
If you haven’t, you’ll get the full credit of $ 3,600 when you file your next tax return in 2022 and report the baby as a dependent for the first time.
Create your own stimulus
Whether or not you have more stimulus money, you can help yourself by finding new savings.
Some ideas :
- Do you have a lot of student loan debt? The government’s payment hiatus is ending soon, so now is a good time to think about a new way to pay off your student loan sooner. Refinancing can lower your interest rate and possibly lower your payments for several years.
- If you have multiple credit card balances and other high interest debt, you may want to Consolidate them into one debt consolidation loan. You’ll only have one payment to expect, the lower interest rate will lower the cost of your debt, and you can pay it off faster.
- Prices can vary everywhere when you shop online, so make sure you don’t overpay. A price comparison tool automatically searches for the best deals and coupons before clicking “buy”.
You don’t need another stimulus check – or a lot of money at all – to get a foothold in the stock market or expand your investments. A popular app helps you build a diversified portfolio by investing your “coin” from daily purchases.
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