As Congress finalizes president Joe Biden’s Build Back Better legislation, many wonder if the social support package includes another round of stimulus checks? Here’s what you can expect.
Jobs fell to less than half the number Wall Street expected to be added in November, while extended unemployment benefits came to an end in September. Add to the mix escalating unemployment, high prices for food, and soaring gasoline prices, many Americans could find themselves in dire straits.
Last but not least, the omicron variant is leading many to wonder what effect another pandemic wave will have on the country. Many Americans are hopeful that Congress will pass and authorize another round of stimulus payments in December.
Some Americans will be getting the 4th payment for the money they qualified for and have not received. These will mostly be individuals and families with dependents who did not receive the full amount they were eligible for and were owed by December 31. This is defined as families with eligible children in 2021 under the Recovery Rebate Credit.
The Recovery Rebate Credit is part of the CARES Act, which provided an initial stimulus payment of $1200 per qualifying adult and up to $500 per qualifying dependent.
Some families may still receive these payments before December 31.
However, families who missed out can apply for the credit on their next tax return in 2022
According to the Internal Revenue Service (IRS): If you did not receive a stimulus check for what you are owed, you could use the Recovery Rebate Credit to reduce any tax you owe for 2021, or the amount can be included in your tax refund and directly deposited into your financial account, which can consist of a bank account, prepaid debit card or alternative financial product for your direct deposit.
The Child Tax Credit pays $300 for each child under 6, and $250 for children between 6 and 17. The last direct payment for the child tax credit will be made on December 15 for the remaining value of the credit. For remaining credit, families will be paid when they file their taxes in the spring, Diario AS reports.
According to a report by The US Sun, a number of US states are helping citizens by offering so-called “mini” or “bonus” stimulus payments to certain qualifying residents.
State stimulus payments
Missouri: Is offering a rebate program for seniors and those with disabilities. Homeowners can get up to $1100 and renters can receive a maximum of $750. Seniors must be sixty-five and up, and those with disabilities 18 and up. Income for single filers is limited to a maximum of $27,500 or $29,500 per household.
Pennsylvania: Is offering a rebate program for seniors and those with disabilities for property tax and rent, for seniors 65 and older or widows 50 and up, or those with disabilities 18 and over. The maximum benefit is $650, but “supplemental rebates” could be as high as $975. Income for homeowners is limited to a maximum of $35,000 and $15,000 for renters.
Maine: The Department of Administrative and Financial Services began issuing “Disaster Relief Payments” to over 500,000 eligible residents beginning in early November through December 31, 2021.
New York: We will be offering payments out of “The Excluded Workers Fund,” but no word yet on how much payments will be.
The US Sun also reported that some Americans could be receiving a “surprise” check of $285 ahead of the holidays without specifying which individuals would qualify.