(WJET/WFXP) – If parents of children born in 2021 have not yet received the maximum amount of stimulus check money they are entitled to, they may claim a “recovery rebate credit” of up to $1,400 per kid.
While no further third-round stimulus cheques will be delivered, parents of children born in 2021 – or parents and guardians who added a new kid to their household in 2021 – may still get money by filing a tax return.
The Internal Revenue Service (IRS) started sending Letter 6475 to beneficiaries of the third-round stimulus cheques in late January. The letter will assist recipients of stimulus checks in determining if they are eligible for and should claim the recovery rebate credit on their 2021 tax returns, which they will submit in 2022.
The third batch of payments to Americans was allowed by the American Rescue Plan Act of 2021, which was enacted into law on March 11, 2021. On March 12, 2021, the IRS started issuing such payments.
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The recovery rebate credit may be available to more than just new parents. The following persons may be entitled stimulus check money in the form of a tax credit, according to the IRS:
- A 2021 Recovery Rebate Credit of up to $1,400 may be available to parents of a child born in 2021 who list the kid as a dependant on their 2021 income tax return.
- All eligible parents of qualifying children born in 2021 are urged to claim the child tax credit on their 2021 income tax return, which is worth up to $3,600 per kid born in 2021.
- Families who added a dependant on their 2021 income tax return who was not shown as a dependent on their 2020 income tax return, such as a parent, a nephew or niece, or a grandchild, may be entitled to a $1,400 2021 Recovery Rebate Credit for this dependent.
- Single filers with incomes greater than $80,000 in 2020 but less than this amount in 2021; married couples filing a joint return with incomes greater than $160,000 in 2020 but less than this amount in 2021; and head of household filers with incomes greater than $120,000 in 2020 but less than this amount in 2021 may be eligible for a $1,400 Recovery Rebate Credit in 2021.
- Single filers with incomes between $75,000 and $80,000 in 2020 but lower incomes in 2021; married couples with incomes between $150,000 and $160,000 in 2020 but lower incomes in 2021; and head of household filers with incomes between $112,500 and $120,000 in 2020 but lower incomes in 2021 may be eligible for the 2021 Recovery Rebate Credit.
Individuals are advised to use their Online Account to examine their first, second, and third Economic Impact Payment amounts under the appropriate tax year page, since “Get My Payment” will no longer be accessible as of Jan. 29, 2022, according to the IRS.
The IRS advises people to file online and select direct deposit as the quickest method of receiving their tax returns in 2021.