Fourth Stimulus Check Update: Who Will Get A $1,500 Financial Boost In 2022

A fourth stimulus check is not officially in the cards, but there are going to be some Americans who will continue to benefit from other aspects of President Biden’s American Rescue Plan well into 2022.

Most Americans are aware of the Expanded Child Tax Credits, which have been allowing eligible parents to receive direct monthly payments since July of $300 per child under the age of 6 and $250 per child ages 6-17. Those same payments will see an additional sum added to 2021 tax refunds, and a one-year extension of the credit was included in the President’s Build Back Better plan. However, some may not be aware of another aspect of the President’s original stimulus package—an expansion of the Earned Income Tax Credits.

The Earned Income Tax Credits, which are available for workers who are low-to-moderate income levels and do not have children, are nothing new and have been around since 1975. However, those who qualify for them when filing 2021 taxes will actually be eligible for the largest amount of money yet—a refund of $1,502. This is an increase from the previous maximum of $543, thanks to a temporarily increased rate from 7.65% to 15.3% for where the credits phase in.

The threshold for income also increased, according to tables from the Internal Revenue Service, which reveal the amounts for each tax year. The numbers have increased year over year, though this is the biggest jump. While those who claimed it in 2016 qualified with an investment income limit of $3,400 or less and were able to get a maximum of $506 if they had no qualifying children, those in 2017 qualified with an investment income limit of $3,450 and received $510 if they had no qualifying children. Those numbers changed to $3,500/$519, $3,600/$529 and $3,650/$538 in 2018, 2019 and 2020 respectively.

For 2021, where the $1,502 credit can be claimed, the Investment income limit is $10,000 or less.

Of course, these workers aren’t the only ones who stand to benefit in 2022, with those receiving the Expanded Child Tax Credits also eligible for more funds in 2022. Parents already receiving the monthly advanced Child Tax Credit will also see an additional $1,800 minimum on their 2021 tax returns, while those who have yet to receive the payments or who chose to defer them could see $3,600.