As part of the federal government’s economic stimulus program, tens of thousands of low and moderate-income families received stimulus checks.
Through this much-needed support, people were able to cope with the devastating effects of the pandemic and the federal guidelines associated with it.
As part of the $1.9 trillion American Rescue Plan that had been signed into law, another stimulus payment was made in March 2021.
In the first month after the new program’s implementation, as many as a million individuals and families received up to $1,400 each, according to CNBC.
The Sun reports that households earning less than $75,000 can receive $1,400 in tax benefits or $150,000 for a couple.
Beyond those points, the $1,400 check transitions to a cash check, and the amount is capped at $80,000 or $160,000, respectively.
Even so, millions are still owed their stimulus funds.
An individual might be entitled to one of the family had a child in 2021 or if they live abroad.
If Eligible, You May Get $5,000 Stimulus Check
You may be able to claim up to $5,000 of these payments on your tax return if you are eligible.
If taxpayers believe they are eligible for either of these rebates, they should consult their tax accountant.
If they didn’t file taxes in 2021, they’ll need to do so in 2022 to receive payment.
Alternatively, this year’s Economic Impact Payment pre-paid the 2021 Recovery Rebate Credit. The Recovery Rebate Credit may be awarded to payers who submit their returns by spring 2022, according to ABC10.