Eligible taxpayers who didn’t receive the payment or maybe due for more money than they initially received are allowed to claim a tax credit stimulus check on their 2021 federal tax return by the April 18 deadline.
The vast majority of the third stimulus check payments were automatically delivered to taxpayers’ bank accounts or via a check in the mail last spring. The payments were authorized by the American Rescue Plan in March 2021 and were meant to help people struggling financially because of the COVID-19 pandemic.
How Much Is The Third Stimulus Check Worth?
The payments were calculated for last year based on the most recent federal tax return on file at the time. If a taxpayer’s income or family size changes in 2021, the individual may be eligible for more money.
Other people may have missed out on the stimulus payment altogether. Those with incomes so low they don’t have to file taxes may have never received their payment because the Internal Revenue Service did not have their information.
The third round of stimulus payments is worth up to $1,400 per person. A married couple with two children, for example, can receive a maximum of $5,600.
Families are allowed to receive up to $1,400 for each dependent of any age. Earlier rounds limited the payments to dependents under the age of 17.
Individuals earning less than $75,000 of adjusted gross income, heads of households (like single parents) earning less than $112,500, and married couples earning less than $150,000 are eligible to receive the full amount of $1,400 per person.
Taxpayers who earned less money in 2021 than the previous year may be eligible for more money than they initially received from the third round of stimulus payments.