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Will families be able to claim a $1,400 stimulus check on their 2022 tax return?
New parents may be able to receive a $1,400 check this spring when they file their taxes as many were unable to claim the child tax credit payments.
This spring during tax filing season many parents may see benefits from the American Rescue Plan passed in March 2021 that they did not expect. The bill allows for the claiming of a $1,400 stimulus credit for babies born, adopted, or who become legal dependents in 2021.
This payment could be a lifeline for many who have been able to receive payments associated with the child tax credit this year.
Who qualifies for the credit?
New parents or those who have adopted or acquired legal guardianship of a child are eligible to receive the payment. This is because the Internal Revanue Service does not know that the child is in your care and thus has not been able to make payments for the child tax credit.
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Income Requirements
The income requirements are the same as those for the three stimulus checks passed by Congress. A single tax filer must make under $75,000, $112,500 as a Head of Household filer, or less than $150,000 for married couples who file jointly.
The American Resuce Plan included an additional provision for the sending of stimulus checks to those who come into the care of an additional dependent, an item that was not included in the legislation that mandated the sending of the first two checks.
How to request
When filing your taxes, there will be a section that covers any missed payments from the third round of stimulus checks, or Economic Impact Payments as they are officially known.
Child Tax Credit
The final payment of the child tax credit will be made on 15 December.
There are millions of families who have qualified yet have not received a single payment because the IRS does not have the information needed to distribute their checks. Those that had not received a payment, but registered by the 15 November deadline, will see lumpsum worth thousands be deposited in December. The families will see all missed payments -- worth $250 for children older than six, and $300 for those younger --- for the months they did not receive them going back to July.
For families that missed the deadline, you can still claim the full value of the credit by submitting a tax return in 2022.
Families that have received payments in 2021, will see the remaining value of the credit distributed when they file their taxes in the spring as well.
All in all, the child tax credit is worth $3,000 for children between six and seventeen, and $3,6000 for those younger than six.