Stimulus Check Update: Who Will Land More Hard Cash in 2022? – Many financial experts and planners are already predicting that 2022 will surely be an expensive year for most Americans as the double whammy of the ongoing coronavirus pandemic and current red-hot high-inflationary environment will continue to squeeze pocketbooks over the next twelve months.
But during the struggles of last year, do know that Congress stepped in to approve the $1,400 stimulus checks via the American Rescue Plan and handed out much-needed enhanced child tax credits, which gave eligible parents a $250 or a $300 payment per child each month through the end of December.
A New Stimulus Check in 2022? Well, Sort Of
With this in mind, can cash-strapped Americans really expect to get their hands on even more government-issued direct payments? If one does a little digging, it appears that there are indeed several groups who will qualify for an extra financial boost in 2022.
On top of the list are those individuals who were qualified but missed out on the third stimulus check.
“There may have been other issues with receiving your third stimulus payment, like a glitch that caused a missing check or having the incorrect bank information on file,” notes personal finance writer Angelica Leicht at The Motley Fool.
“If you qualified for the third stimulus payment but did not receive it in 2021, you can claim it on your taxes this spring,” she adds.
Did You Miss the Child Tax Credit ‘Stimulus Check’?
The same holds true for those who were eligible for the enhanced child tax credits but did not claim them.
“There were a significant number of families who should have qualified for the monthly Child Tax Credit payments did not receive them in 2021,” Leicht says. “In some cases, this was due to having non-filer status, which meant that there was a lack of information on file with the IRS. Without recent tax information on file, the IRS could not automatically determine the household’s eligibility for the Child Tax Credit, so no monthly payments were issued.”
Keep in mind that such households are now entitled to the monthly CTC payments and the second half of the tax credit money that amounts to $3,600 per qualifying child.
“This money can be claimed when filing taxes this tax season. So, if you’re a non-filer who missed out on your monthly tax credit payments, a significant payday could be headed your way when you file your taxes,” she continues.
Also, take note that if one gained a new member to the family last year—either by birth or adoption—they could also be eligible to claim another $1,400 stimulus check this year. The tax agency would not have had the information regarding the baby when sending out the stimulus payments, so parents can claim the funds on their upcoming tax return.
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.