Stimulus Update: $5,000 in Stimulus Money Can Soon Be Claimed by These Americans

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Are you one of the Americans who needs to act to claim your $5,000?

Key points

  • Some families can claim more COVID-19 money on their tax returns.
  • Up to $5,000 in funds could be available.
  • You may be able to take action soon in order to get this money deposited into your bank account.

Under the current law, many Americans will unfortunately not receive any coronavirus stimulus money in 2022. Lawmakers have shown no recent interest in providing a fourth stimulus check.

But, there is one group of Americans who is guaranteed a $5,000 payment this year -- if they file their taxes in order to get their money. Here's who is owed $5,000 along with some advice on claiming this large sum of money to help with the ongoing effects of COVID-19.

Here's who can claim their $5,000 in stimulus money

The group of people who can claim $5,000 in stimulus money in 2022 includes individuals who added a new child to their family in 2021.

See, the American Rescue Plan Act provided:

  • Stimulus checks worth $1,400 per dependent
  • An expanded Child Tax Credit worth $3,600 per child for children under the age of 6 and $3,000 for children ages 6 to 17

If you had a baby in 2021, then that child counts as a dependent both for purposes of the stimulus check as well as for purposes of the Child Tax Credit. But the IRS wouldn't have known about this child yet when it was sending out these payments.

As a result, those who added a new child to their family missed out on $5,000 in stimulus funds they should have received in 2021 -- and they can soon claim the money.

Those who added an older dependent, such as parents who adopted a child over the age of 6, are also entitled to the $1,400 check as well as the expanded Child Tax Credit, but they'll get $4,400 instead of $5,000.

And those who added multiple children to their family can get the stimulus payment and credits for each child -- which means if you gave birth to twins in 2021, you're in for a whopping $10,000 payment.

How to claim your $5,000 in stimulus money

You can claim your $5,000 in stimulus money by filing a 2021 tax return. The IRS will likely begin accepting them at the end of January or the start of February 2022.

The money will be added to your tax refund or will reduce any tax liability that you have. If you are owed a refund from the IRS, the fastest way to get it is to file your taxes as soon as filing season opens and request that the IRS directly deposit the money in your bank account. If you're owed $5,000 in stimulus funds, you'll likely want to do this quickly so you can get your hands on the cash as soon as possible this year without worrying about delays.

It's not just people who added a dependent to their family who can file a return to claim their COVID-19 relief funds, either. Anyone who missed out on stimulus payments for any reason in 2021 can file a tax return ASAP to get that money into their account so they can use it to help cover some of the ongoing costs the pandemic has caused.

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