When qualifying people got the third stimulus payment, they got a portion of their tax refund a year earlier than they normally should have. The third stimulus is referred to as the 2021 Economic Impact Payment (EIP). This 2021 EIP was an early payment on the 2021 Recovery Rebate Credit! This Recovery Rebate Credit will be where you can get your extra stimulus payment. Even though it is based for the year 2021, it will be available to during tax season of 2022. In this article, you will find out how you may be able to qualify to get the Recovery Rebate Credit.
Are You Eligible to Receive the Recovery Rebate Credit?
Those that qualify to get this Recovery Rebate Credit will need to meet eligibility criteria like:
- Dependent children must be younger than the age of 19 at the end of the year unless they are enrolled in an educational institution
- Dependent children can be within any age group, as long as they have a permanent disability
- There must be a particular relationship of the dependent and the tax filer as a child, immediate family, or a descendant of any of them
- Adjusted gross income for a person should be under approximately $75,000 while adjusted gross income for a married pair filing a joint refund should be under $150,000
If you qualify for this credit, then it may be able to decrease any tax you owe for 2021. Additionally, it might be added to your tax refund!
Other Stimulus Payments As An Alternative to the Recovery Rebate Credit
There are some American households that could qualify to get an irrelevant additional stimulus payment. But, this depends on the state you are currently living in. You will find that there are some states that issued payments, but not all of them. There are no expectations that Congress will disburse another set of direct stimulus across the United States. This is why there are states that are taking matters into their own hands. The following states that plan on distributing another round of stimulus include:
What to Do if You Are Unable to Receive an Additional Stimulus?
There are more ways than one for you to get an additional stimulus payment. But, you might not qualify to receive these opportunities. If that takes place and you still need financial relief, then you should consider other federal options. The government has a wide variety of different programs that aims to help those in need. There may be more opportunities than you realize! You can look through other federal assistance programs that can help you out with your bills, such as:
- Supplemental Nutrition Assistance Program (SNAP)
- Housing Choice Voucher Program (Section 8 Program)
- Low Income Home Energy Assistance Program (LIHEAP)
- Weatherization Assistance Program (WAP)
- Temporary Assistance for Needy Families (TANF)
You should try to apply for these federal assistance options. You might benefit a lot from it and the applications are free. Additionally, you should do your part and try your best to improve your financial situation. This includes budgeting and cutting down on unnecessary expenses. It might be easier said than done, but it’s possible!
In conclusion, and additional stimulus might not take place the way you thought it would. The Federal Government has yet to announce an extra stimulus. But, that does not mean that state governments are giving up too! There are states that are rolling out their version of an extra stimulus payment. Some have already been provided while others are ongoing. Regardless, you need to make sure that you live in one of these states to be able to benefit from the payments. These states include the following: