Third Stimulus Check in 2021 Under Biden COVID Relief Package You will need to claim them via your 2021 tax return.Īs discussed in this article, be careful how you account for past payments to avoid facing extended refund payment delays. The IRS has also completed making millions of plus-up or catch-up stimulus payments to those who have filed a recent tax returns.īased on these filings (which are separate to 2021 refund payments) the IRS reviewed earlier stimulus payments’ eligibility and if they found underpaid or missed payments – mainly due to a change in income or missing dependents – they then issued these supplementary payments.Īll plus-up and catch-up payments for past credits has now completed. This has provisions for another 12 month extension under the BBB. While this is not technically a fourth dependent stimulus and rather more of an advanced tax credit (against your 2021 tax return) it will act like a stimulus payment because it is being paid directly by the IRS to nearly 70 million dependents and their families. There is also the expanded monthly Child Tax Credit (CTC) stimulus payment for families who have qualifying dependents. Some states like California however, are making state specific stimulus payments to provide inflation relief for lower income workers which may be replicated in other (Democrat leaning) states. With the economy rebounding strongly, higher inflation and unemployment claims falling, it was hard for most Democrats in Congress to justify spending billions of dollars on even more stimulus payments. Some states and even Congress are also considering a 2022 gas relief stimulus check which will pay families up to $400 p/month through 2022.
However progress on a 4th stimulus check has stalled in Congress due to lack of agreement among Democrats and Republicans and what they can sell to their constituents ahead of the upcoming mid-term elections.Ī 2022 Gas Stimulus? With rising gas prices, many states are providing gas tax holidays which save drivers a few cents at the pump. There has plenty of talk of a fourth stimulus check in 2022, originally as a relief payment in Biden’s build Back Better Bill ( BBB) and now as a way to offset higher costs many consumers are seeing due to record inflation.
Get the latest money, tax and stimulus news directly in your inbox A Fourth Stimulus Check in 2022 to Deal With Inflation Pressures? While many individuals and families could have benefited from some form of government support, especially in a high inflation environment, there simply was not enough political support for further payments or tax credit expansions. While this includes funding for several groups and additional taxes for corporations, it does not include another stimulus payment in 2022 or in 2023. President Biden and the Democrat controlled Congress narrowly passed a scaled down version of the Build Build Better (BBB) act, known as the Inflation Reduction Act ( H.R. More Stimulus Payments in the Inflation Reduction Act? First Stimulus Check (Economic Impact) Payment in 2020.Second $600 Stimulus Check (COVID RELIEF Payment) Details.Third Stimulus Check in 2021 Under Biden COVID Relief Package.A Fourth Stimulus Check in 2022 to Deal With Inflation Pressures?.