With the pandemic still chasing job-holders, people are curious as to whether or not they’ll receive another stimulus check in 2022.
Apparently, the deadline for eligible Americans to apply for stimulus payments is worth as much as $1,400. This comes after the IRS payments approved by President Joe Biden in March of this year. These payments are part of the American Rescue act.
Under the legislation, if eligible, some Americans will be able to receive a $1,400 payment for a plus-up check. These checks are to be sent out to those who received a stimulus check based on either their 2019 tax return or information acquired from the Social Security Administration.
If someone is eligible for a plus-up payment, they must’ve earned less money in 2020 than in 2019. Someone is likely to be eligible if something changed in their 2020 tax return. Making less money or adding a dependent to a tax return leaves someone eligible for plus-up payments.
Providing a 2020 tax refund will allow the IRS to determine whether or not someone is eligible for these payments. Around 500,000 plus-up payments have been made by direct deposit. The rest were with checks. To check on the status of a stimulus check, Americans can use the IRS Get My Payment tool.
The IRS has given American’s looking to receive a plus-up payment or a stimulus check have until December 31, 2021, to apply. So. . . .until the end of the day today.
Where Do You Have to Live to be Eligible for Stimulus Check?
With eligible Americans being able to get a fourth stimulus check at the beginning of 2022, everyone wants to know what they have to do to qualify. The decision to issue this payment as well as the plus-up check was made to assist those whose jobs were deeply affected by the COVID-19 pandemic.
Even though all 50 US states qualify for these payments, it comes with some red tape to push through. The federal government will determine a budget for each state. It is up to the state to decide on how they will distribute these funds.
Senior executive at wealth advisor Braun-Bostich & Associates in Pittsburgh, Cassandra Kirby, explains payment eligibility. “Let’s say a married couple with one child had adjusted gross income of $165,000 in 2019, and because their income was more than $160,000, they are not eligible for any portion of the third payment. However, in 2020, they had another child, and their adjusted gross income dropped from $165,000 to $155,000.”
Although every state has eligible American citizens, act fast to apply. Can we all agree that a $1,400 payment will be pretty helpful for the new year?