Americans Could Get $8,000 in Stimulus Check in 2022. Here’s How?
As the year comes to an end and many Americans who have been receiving stimulus checks from the government wonder what their fate will be if they do not get checks in 2022.
There is rising concerns among these American families about how they would cope in 2022. A proposed $8,000 stimulus check to be paid in spring of next year is stirring up hope.
The Chronicle News reported that the credit is calculated based on your income and a percentage of expenses that you incur for the care of qualifying persons to enable you to go to work, look for work, or attend school.
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The American Congress passed the American Rescue Plan back in March 2021. The plan costing $1.9 trillion extended the ten years old child tax credit program and for the first time included monthly payments to qualifying families. However, when Congress passed the program only a year’s worth of funding was made available. Unless a further extension is decided for and agreed upon by December 28, 2021, the final batch of stimulus checks or payments will be received with the December installments this year.
The extra stimulus check may be made available to parents who have an adjusted income of less than $125,000 per year and at least two dependents under the age of fourteen. These stimulus checks or relief payments are known as a child and dependent tax credits.
The payment which might be issued in the new year could be used to cover various expenses regarding child care such as babysitters, daycare, aftercare, and transportation. Lastly, as it is a refundable payment it is very probable that taxes will not have to be paid on it.