Over the past year and a half amid this ongoing coronavirus pandemic, Congress has approved the delivery of three much-needed stimulus payments to most Americans—a $1,200 check in April 2020, $600 in December, and the current $1,400 payments approved under President Joe Biden’s American Rescue Plan.
But for those who are holding their breath for another round or two of stimulus checks, they likely have been disappointed by the inaction of both the White House and Congress on the matter. Do take note, though, that another round of stimulus isn’t completely off the table.
Earlier this summer, during a White House press briefing, Press Secretary Jen Psaki told reporters that “(the president) is happy to hear from a range of ideas on what would be most effective and what’s most important to the economy moving forward.”
In addition, during a separate briefing, she essentially punted the responsibility to other lawmakers: “We’ll see what members of Congress propose, but those are not free.”
‘Extra’ Stimulus Check
There is, however, a way that not many Americans are aware of to nab another $1,400 stimulus check. When the president’s ambitious stimulus bill was signed into law last spring, some families were expecting babies to be born later in the year. While the parents likely received their checks without any issues, it appeared that the soon-to-be born baby was left out.
The fact is that the newborn was not—he or she will just have to wait to few months to collect the money, as the Internal Revenue Service won’t know about the new member of the family until the parents file their 2021 federal tax returns.
Know that there is no limit to the number of dependents one is able to claim for this “extra” stimulus payment. For example, parents of twins would net $2,800, while those with triplets would get $4,200.
Works for CTC?
Do keep in mind that a similar situation could occur with the disbursement of the expanded child tax credits. According to the IRS, the Child Tax Credit Update Portal will eventually be able to add or remove children and dependents, report a change in marital status, and report a significant change in income.
These enhanced credits, also a part of Biden’s American Rescue Plan, now allow families to claim a credit of up to $3,600 per year for a child under the age of six and up to $3,000 for children between ages six and seventeen. The figures amount to a $250 or $300 cash payment per child each month until the end of the year.
However, if the president’s American Families Plan ever gets approval from Congress, the payments would continue to head out through the year 2025.
Ethen Kim Lieser is a Washington state-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.