A “NEW Year” stimulus check worth up to $1,400 will be sent out to some Americans early on in 2022.
The 2022 payments will go out to people who were eligible for the third round of stimulus checks that went out earlier this year, but haven’t yet received them.
The last lot of checks are due to go out when eligible taxpayers file their 2021 tax return next year.
Those eligible for the money could include people whose tax situation changed in 2021, but the change was not reflected in their latest tax return.
For example, parents who welcomed a child in 2021 may be eligible for the $1,400 payments as long as they meet income requirements.
Eligibility for the third round of stimulus checks, issued earlier this year as part of President Joe Biden‘s American Rescue Plan, was based on a family’s last tax return filed.
Since babies born in 2021 were not factored in, the $1,400 checks will be applied to their parent or guardian’s 2021 tax return.
Others may be eligible for more money as well due to a change in income or the addition of a dependent.
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Eligible Americans will be able to request a Recovery Rebate Credit at tax time to get their money they are owed from the IRS.
To be eligible for the full amount on the third round of checks, individuals need to have an adjusted gross income (AGI) of $75,000 or less and married couples filing jointly need to have an AGI of $150,000 or less.
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Payments begin to phase out for people who make more than those income limits.
They completely phase out for individuals who make more than $80,000 and couples who make more than $160,000.
The number of families still owed a $1,400 stimulus check is not yet known but it is estimated to be in the millions.
The figure won’t be known until the total number of births for 2021 is revealed.
