Your CARES Stimulus Checks: What You Need to Know in 2022

If you have not received your stimulus payments or received less than owed, you can file claims for your missing money. You will need to file tax returns for either 2020 or 2021, depending on the stimulus payment. 

A federal stimulus package was implemented to disburse Economic Impact Payments to qualified Americans beginning in late-December 2020. Economic Impact Payments, also referred to as stimulus checks, were designed to reduce financial hardship caused by COVID-19-related business shutdowns, unemployment and increased medical expenses. The distribution of these stimulus checks was discontinued in March 2021 but some qualified people have still not claimed or received theirs.

Since Congress authorized the first two stimulus packages in 2020, you will need to file a claim when you submit your 2020 taxes. You can file for the third payment with your 2021 taxes. 

However, if you do not usually file taxes, you may use one of the Internal Revenue Services’ online tools. The ​​Non-filer Sign-up Tool allows you to claim all three missed payments if your income does not require you to file. 

Although the 2020 tax filing deadline was October 15, 2021, you will not receive a late penalty as long as you do not owe taxes. If you owe the government money, they may take the payment from your stimulus payments.

Stimulus check assistance functions as a part of the new American Rescue Plan and is considered an advanced payment on the Recovery Rebate Credit. The Recovery Rebate Credit is a tax credit designed to infuse cash back into the economy to help people pay bills and buy food. Government-sponsored cash assistance is also available in numerous other forms including free grants. Continue reading for more information on how to claim your stimulus check today.

Stimulus Check Limits – How Much Money Will I Receive?
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The amount of money you receive for your stimulus check depends on various important factors. Understanding these factors helps you know what to expect, which further helps you budget and plan for your money. When you find yourself needing help with money the waiting process is especially challenging to endure. 

Your eligibility depends a lot on the verifiable income you earned in 2019 and 2020. The term “verifiable,” is a key word because to receive your stimulus money you are required to have filed taxes in 2019 or 2020.

The income you claimed on your 2019 or 2020 tax returns is the primary factor in determining your stimulus check eligibility for this program. If eligible, your payment is delivered to you by the IRS using the U.S. mail (paper check), a prepaid Visa debit card or direct deposit into your bank account. 

Three possible checks are available to you in the amounts of $1,200, $600 and up to $1,400 respectively. Most people who qualify for the first check also qualify for the second and third, but this is not always the case. 

Your status as single or married and the number of dependents you have in your household also impact your stimulus check amount. For example, married couples might qualify for $2,400 plus additional money for each dependent.

Your income also affects the amount of money for which you qualify regardless of how many household dependents you claim. If your annual income is above a certain amount in relation to the number of dependents you claim – you might not qualify for this program. 

If you need assistance paying your mortgage and staying in your house stimulus checks are not the only solution available, however. The Temporary Assistance for Needy Families (TANF) program also provides cash, childcare funds and job-training assistance to qualified low-income families.  

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By Admin