New stimulus check worth up to $1,400 issued – why millions of new parents now qualify

MILLIONS of new parents may qualify for a new stimulus check worth up to $1,400.

As of Wednesday, the IRS said they've officials issued all third-round stimulus payments to eligible Americans.

The final stimulus payment, worth $1,400, was issued last March under President Joe Biden's Americans Rescue Plan.

However, new parents and other recipients who added dependents in 2021 may still qualify for the bonus cash.

Some households may qualify for additional third-round funds when they file their 2021 tax returns this year.

Families might be eligible if their circumstances changed in 2021 compared to 2020.

For example, children born in 2021 qualify for an additional payment of up to $1,400, which parents didn’t receive last year.

Families who added a dependent, such as a parent, nephew, niece or grandchild, on their 2021 tax return and who were not listed as a dependent on their 2020 return may also qualify.

Families can recover additional stimulus payments on their tax returns by claiming the 2021 Recovery Rebate Credit.

In order to use the Recovery Rebate Credit, you have to indicate the stimulus money received this year, if any, and how much you were supposed to be sent.

TAX REFUND SEASON

Starting January 24, taxpayers can officially begin filing their tax returns, and a W-2 form is a key document you’ll need.

A W-2 form is provided by your employer and shows information about taxes and your income.

Employees are generally given copies of these forms by January 31, via mail or electronically.

The deadline to file taxes this year is April 18.

Starting late January, taxpayers will soon begin receiving Letter 6475, “Your Third Economic Impact Payment,” containing details about the third stimulus checks that went out last year.

Don’t throw the letter away, though, as “These letters can help taxpayers, or their tax professional, prepare their 2021 federal tax return,” the IRS said in a statement.

The letter will state how much you received in stimulus payments in 2021, including any “plus-up” payments.

The details will help you determine if you can claim the Recovery Rebate Credit on your 2021 tax return.

This credit will make up any difference between the amount you were eligible for in the third stimulus check and how much you received.

Some 36million families should be expecting the letter, which will be important to receive any cashback when filing taxes for 2021.

This credit will be the difference between the amount of the third stimulus check you were eligible for and how much you received.

Previously, the IRS started sending letter “6419” (for child tax credit) in December and will continue sending them through this month.

It is understood the letter will come in an envelope marked “Important Tax Document.”

This letter contains critical information about the number of eligible children and the total tax credit payments received in 2021.

Experts have warned that failing to file your taxes without the letters could lead to a delay.