Some Americans May Receive More Stimulus Money This Tax Season; Are You Entitled?

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Because as Build Back Better law and the increased government aid it promised stagnate on Capitol Hill, millions of Americans who may have expected more assistance during the epidemic are left without it.

However, there is some good news: Families may still expect greater assistance at tax time as a result of more generous tax credits provided under the American Rescue Plan Act.

Many people are ready for the extra assistance. A petition calling for $2,000 monthly stimulus cheques for individuals has over 3 million signatures. Separately, the Senior Citizens League has proposed for $1,400 stimulus cheques to help older Americans avoid the bad consequences of inflation and other epidemic effects.

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Several Democratic Senate leaders backed recurring stimulus cheques in a March letter to President Joe Biden.

However, there is no hint that a fourth round of stimulus payments is on the way.

Even so, many Americans will get money if they have not yet received all of the three stimulus checks, or if they are qualified for the expanded child tax credit or earned income tax credit.

Three stimulus cheques totaling up to $1,200, $600, and $1,400 were distributed to individuals. The first two checks were distributed in 2020, and payments of up to $1,400 were distributed earlier this year.

Read More: Child Tax Credit Payments Are Unlikely to Continue After January 15; Here Are Five Options to Obtain Further Stimulus Funds

Each check has its own set of prerequisites. Payments were made depending on particular income levels and were eventually phased off. Furthermore, the regulations governing which dependents qualified and how much they might receive varied.

People who qualified but did not get their payments of up to $1,400 this year may submit a claim for that money during tax season. Some people may be eligible for additional funds if their income has decreased in the last year or if they have added another dependent to their households, for example.

Furthermore, people who are still owed first checks of up to $1,200 or second installments of up to $600 can still make a claim. They will, however, need to submit a second 2020 tax return in order to get those payments.

Many families have received monthly payments if they qualify for the increased child tax credit implemented this year.

A family with a kid under the age of five, for example, might get a total of $3,600, with $1,800 in advance payments and another $1,800 due when they submit their 2021 tax returns, according to Hanauer.

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