Annual payments will arrive in time for the holidays. Residents of Alaska started receiving $1,312 from the state’s yearly oil and gas income on October 5, and many may expect them by year’s end.
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The current stimulus round’s maximum amount is for individuals earning $75,000 or less and couples earning $150,000 or less. The $1,400 check phases out beyond these levels and caps at $80,000 for individuals and $160,000 for couples. In earlier rounds, stimulus payments were denied to individuals and married couples earning above $86,999 and $173,999, respectively.
The first-round $1,200 payout required individual earnings under $99,000 and couples under $198,000. At least 165 million Americans got $931 billion in three stimulus waves from April 2020 to 2021, according to the GAO.
The majority have received their third stimulus payment, but the GAO believes that 9-10 million Americans are still due stimulus benefits.
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Check two important 2022 letters for stimulus and child tax credit eligibility:
Letter 6475, about stimulus funds, explains how to claim the recovery rebate credit on your 2021 tax return. If you’ve lost the letter, check bank statements for deposits or your online account’s “economic impact payment information” area. The IRS child tax credit site provides payment information to parents.
Tax returns for 2020 and 2021 are needed to collect stimulus money. Avoid filing mistakes and delays by consulting a tax expert. Minnesota offers $500 monthly payments and $1,300 refunds to Americans.
READ ALSO: How do I claim my stimulus check? Step by step guide
