Sunday, October 6

Stimulus check: how it will affect your tax return in 2022


Para tener derecho a recibir el crédito de reembolso por recuperación en 2021 deberás presentar una declaración de impuestos.
To qualify for recovery refund credit at 2021 you will need to file a tax return.

Photo: Alexander Mils / Pexels

Rubén Rivera

According to the Internal Revenue Service (IRS), have sent more than 169 million payments during the third round of the stimulus check, despite that various civil society organizations continue to press for a fourth check to be sent, as inflation continues to affect the US economy, as well as the arrival of the new variant of Covid – 19, Omicron, which is scaring the markets.

Since the beginning of 2020 a stimulus check was sent, thus creating America’s largest social safety net in decades.

Taxpayers have wondered how this will affect my tax return? Will I have to pay more to receive the stimulus checks that I have received?

How your tax return may be affected

People who did not meet the requirements to receive the third economic impact payment, or who did not receive the full amount may be entitled to receive the recovery refund credit based on your tax information of 2021.

According to the IRS, you will have to file a tax return of 2021 , even if you do not present it regularly, To claim the credit.

you will also need the amount of your third stimulus check and any additional payments received to calculate the correct amount of the recovery refund credit of 2021 when file your tax return.

Make sure you use the correct payment amounts as it will help you avoid a processing delay that could delay your refund.

At the beginning of 2022, The IRS will send the Letter 6475 containing the total amount of the third stimulus check and any additional payments received.

Remember that you should keep that and any other letters from the IRS about your stimulus with other tax records.

You can also log into your IRS.gov online account to securely access the amounts of your Economic Impact Payments that you received.

What about the tax credit for children

Early in 2022 you will have to present your income statement from the previous year and you will have the opportunity to claim the rest of the extended Child Tax Credit.

The IRS has confirmed that it will send the Letter 6419 to the beneficiaries of the Child Tax Credit in January, indicating the credit they have left.

The letter will advise you on how to ensure that you get the full tax credit when you file your return, as well as the payment amount you can expect. You must keep the letter and you may have to consult when presenting your income statement.

You must bear in mind that the advance payments of the Tax Credit for Children that you received in 2021 are not considered income , which means that payments will not be taxed if you are entitled to them .

The only exception is if your income of 2021 exceeded the income threshold to qualify for aid. In this case, may have to return part of the money received from the child tax credit .

You may be interested in:

  • What are the IRS letters that are key to filing taxes in 2022
  • What are the tax credits that exist in addition to the Child Tax Credit

    • Why is it necessary to continue the child tax credit