Update on Stimulus Eligibility: These Four Groups Will Still Be Eligible in 2022|

With the country now entering its second month without a stimulus package,

it is less and less probable that the enhanced Child Tax Credit will be extended in the future.

Also, it’s almost certain that there won’t be another round of Economic Impact Payments in the future.

In spite of this, there are still some leftovers to reheat this tax season, and for some households,

the leftovers from the fiscal year 2021 stimulus initiatives could amount to thousands of dollars in additional refund money.

Listed below are four special interest groups that are qualified to receive a final wave of stimulus funds during this tax filing season.

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Affluent households who qualified for the Child Tax Credit

For those of you who are among the millions of Americans whose dependents were eligible for some or all of the $3,600 Child Tax Credit,

the advance payments you got every month from October through December were only half of what you owed.

Your tax return will include a refund for the remaining half of the tax credit, which amounts to up to $1,800 per eligible dependent.

In 2022, many additional families may be able to look forward to an even larger windfall.

Update on Stimulus Eligibility

Update on Stimulus Eligibility: These Four Groups Will Still Be Eligible in 2022

Some households were eligible for the full Child Tax Credit but did not receive it or did not receive it in full for a variety of reasons.

According to CNET, several of these individuals did not file tax returns for the years 2019 and 2020.

Because the IRS did not have sufficient information on file in certain instances, they were unable to compute their credit or deliver their payment.

Those who lived in the United States for less than half of the year and were disqualified by the Internal Revenue Service while having a principal residence in America were among the rarest and more unusual examples.

Other others have purposefully chosen not to get upfront payments.

Families that were eligible for the credit but did not receive it will be responsible for $3,600 per dependent under the age of six and $3,000 for older children, regardless of the reason for their failure to obtain it.

In 2021, the number of households with children is expected to increase.

There will be millions of happy families in the United States when they receive the second half of their Child Tax Credit payments in 2022 for children they already have, but no group will benefit more than the families of children who were born, adopted, or fostered in the year 2021.

For the most part, most Americans and their dependents received $1,400 in the third round of stimulus funds. However, a large number of couples had children last year after the payments had already been computed and allocated. These new parents will be able to claim a refund for the money that is owing to them when they file their tax returns for the year 2021.

Because many of those same new parents will be qualified for the enhanced Child Tax Credit as well, they will be able to add an additional $3,600 to the tally, bringing the total amount of stimulus added to their refunds this year to a total of $5,000.

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Individuals who should have received a payment but did not do so

Economic Impact Payments were available to a significantly lower number of persons in 2021,

but they did not receive their $1,400 American Rescue Plan payment since they were not eligible.

There have been payments that have been missed due to clerical errors such as incorrect addresses or routing numbers,

payments that have been missed due to transient individuals who do not have bank accounts or fixed addresses, and payments that have not reached their intended recipients for a variety of other reasons.

They aren’t out of luck, though. For eligible filers to be eligible to receive the payout, they will need to claim the Recovery Rebate Credit on their tax returns for the year 2021.

People Who Will Have a Lower Income in 2021

In order to qualify for the third wave of stimulus payments, filers’ incomes could not exceed $75,000 for single filers and $150,000 for married couples filing jointly.

Taxpayers who filed their 2020 income tax returns were either paid or disallowed by the Internal Revenue Service.

If their earnings drop below the income-cap threshold by 2021, persons with high salaries who were disqualified in 2020 may still be eligible to receive the $1,400 payment.

For example, if a person earns $85,000 in 2020 but only $60,000 in 2021, they are qualified to receive the third stimulus payment, which is paid retroactively.

They would have to claim the Recovery Rebate Credit on their taxes in order to collect their $1,400 payment as a tax refund in this situation as well.

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