This is your last chance to get a third stimulus check

Economic growth without fiscal stimulus, this is the challenge for the US in 2022 2:08 Washington (CNN) — You still have time to ask for a third stimulus check worth US $ 1,400 per person. Taxpayers who have not received payment or who are owed more money than they initially received can claim a tax credit on their 2021 federal income tax return before the April 18 deadline. The vast majority of third stimulus payments were delivered automatically to taxpayers’ bank accounts or via check in the mail last spring. The payments were authorized by the American Rescue Plan in March 2021 and were intended to help people experiencing financial hardship due to the COVID-19 pandemic. But the payments were calculated last year based on the most recent federal tax return on file at the time. If a taxpayer’s income or family size changed in 2021, the individual may be entitled to more money. Other people may have missed out on the stimulus payment entirely. Those with incomes so low they don’t have to file taxes may never have received their payment because the IRS didn’t have their information. How much are the payments? The third round of stimulus payments are worth up to $1,400 per person. A married couple with two children, for example, can receive a maximum of US$5,600. Families can receive up to $1,400 for each dependent of any age. Previous rounds limited payments to dependents under the age of 17. Generally, low- and middle-income US citizens and US resident aliens are eligible for a full or partial third-round stimulus payment. Individuals earning less than $75,000 adjusted gross income, heads of households (such as single parents) earning less than $112,500, and married couples earning less than $150,000 can receive the full amount of $1,400 per person. But payments are gradually reduced as household income increases. Individuals who earn at least $80,000 a year in adjusted gross income, heads of households who earn at least $120,000, and married couples who earn at least $160,000 are not eligible to receive money, regardless of the number of dependents they have. have. Undocumented immigrants who do not have a Social Security number are not eligible for benefits. However, their spouses and children are eligible for benefits as long as they have a Social Security number. Who can receive more money? Taxpayers who made less money in 2021 than the previous year may be eligible for more money than they initially received from the third round of stimulus payments. These include single filers who had income greater than $80,000 in 2020 but less than this amount in 2021; married couples who filed a joint return and had income greater than $160,000 in 2020 but less than this amount in 2021; and head-of-household filers who had income greater than $120,000 in 2020 but less than this amount in 2021, according to the IRS. Individuals and families who added a child in 2021, through birth, adoption or foster care, could receive additional money. Families who added another type of dependent, such as an elderly parent or grandchild, may also be eligible. How to claim the payment on your income statement Those who think they are entitled to more money should file a 2021 tax return, even if they don’t usually file taxes, and claim what’s called the Refund Recovery Credit. If a taxpayer is entitled to more money, it will reduce the taxes they owe for 2021 or be included in a tax return. To claim the Refund Recovery Credit, a taxpayer will need information that was submitted in an IRS letter within the last two months. Known as Letter 6475, it confirms whether a taxpayer received a third stimulus payment and the amount. Alternatively, you can get that information by accessing your IRS online account. For most taxpayers, the federal tax filing deadline is April 18, though it’s a day later for residents of Maine and Massachusetts. Taxpayers who have difficulty meeting the deadline can request an automatic six-month extension using Form 4868.

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