Some tax filers may be eligible for a stimulus check of $1,400. Students who have recently passed from college in 2020. Also, parents who welcomed a child in 2020 are entitled to a stimulus payment when filing the Recovery Rebate Credit along with the income tax return for 2021.
The Recovery Rebate Credit was devised to help citizens who have missed out on the stimulus check for various reasons or received a lesser amount than what was due on their income tax returns for 2020 and 2021.
People intending to make use of the Recovery Rebate Credit have to specify the stimulus check amount that they received in 2021 and also what was due to them.
To know the amount payable under the EIP, you can check the online account of the IRS.
Stimulus Check For Parents Of Newborns In 2021
The IRS released a notice in January on their site that said that parents who brought home a child in 2021 but did not get a stimulus check are still eligible to receive one.
This rule applies both to a biological child and an adopted kid welcomed home in 2021. Parents should also be attentive to the existing rules to claim the CTC which could be as much as $3,600 per child. A 4 member family might end up getting $5,600 under the Child Tax Credit.
College students may also claim any pending stimulus check at the time of filing the RRC if they live separately and meet other criteria such as base income for receiving a stimulus check.
The same rule applies to high school students who are not in college. Parents who want to claim children should be aware that a child can be a dependent till the age of 19. If they are a student, the child can be considered a dependent even till the age of 24. The age limit is not applicable for a disabled child.
