Since 2020 the US government has been sending citizens stipends for a multitude of reasons. Last year, many American households received stipends to help mitigate the financial woes of the pandemic. More recently, parents started receiving portions of their child tax credit in the form of monthly payments. Some states like California, Virginia, Tennessee, and New Mexico are sending checks to some citizens. In 2022, some Americans will receive federal stimulus checks of up to $1,400.
The stimulus checks that some people get in 2022 won’t be part of a new plan. Instead, they are more like backpay on the American Rescue Plan checks from earlier this year. Recall that the American Rescue Act gave qualifying Americans $1400 plus $1400 per dependent.
To qualify for the 2022 stimulus checks of $1400, Americans must meet the original financial qualifications. More importantly, they must have added a child or other dependent during 2021.
How to Get 2022 Stimulus Checks
While this is an extension of the American Rescue Act, the 2022 payments aren’t actually stimulus checks. Instead, Americans who are entitled to the payments will receive the money on their tax returns in 2022. So, those who added new children or dependents over the course of 2021 should file a tax return and claim the money.
To qualify for the full $1400 on their 2022 stimulus checks single tax filers must make less than $75k per year. Those who are married and filing jointly must make less than $150k. Those with higher income levels will see their payments shrink, just like the original American Rescue Act payments earlier this year.
Why Are Some People Getting the $1400 Next Year?
The IRS-based American Rescue Plan payments on 2020 tax returns. As a result, they had no way of knowing that someone added new children or dependents to their household. Additionally, there was no way to add dependents to tax information after filing at the beginning of the year. As a result, many Americans technically qualified for payments but could not get them due to those limitations.
Will There Be More Stimulus Checks in 2022?
The short answer to that is no, we probably won’t see new stimulus checks in 2022. At this point, lawmakers in DC are reluctant to incur the debt it would take to send out that kind of money again. However, it is possible that the advance payments on the child tax credit will continue. Those payments allow parents of children under the age of 17 to get up to $300 per month per qualifying child.
The last of those payments should be hitting bank accounts and mailboxes in the coming days. That will put a little extra money in the pockets of parents just in time for Christmas.