Stimulus Update: Here's Who Can Expect an Extra $5,000 From the IRS in 2022

The pandemic is not over and neither is some federal assistance.

Tax season officially begins this week, 17 days earlier than last year. A thorny knot of issues -- including a resurgence of COVID-19 infections, staffing issues, and millions of backlogged 2020 tax returns -- have the IRS on edge. They're already warning American taxpayers that processing delays are expected.

For some, tax time is likely to be a headache. For others, there will be 5,000 extra reasons to smile.

An extra $5,000

Taxpayers who welcomed a new family member in 2021 may be in for a cool $5,000. Whether a child is biological, adopted, or the result of a guardianship, new parents can celebrate their growing family at tax time if each of the following is true:

• The parents or guardians did not receive advanced Child Tax Credit payments on behalf of the child in 2021 (worth $3,600 total for children under age 6).
• The new family member did not receive a $1,400 stimulus check in 2021.
• The family does not exceed adjusted gross income guidelines (more on this in a moment).

Read more: 5 Types of Dependents to Receive Third Round of Direct Stimulus Payments

How to receive what you're due

Whether or not you are required to file a 2021 tax return, do so anyway. It is through your return the IRS will learn that your family has grown and know to add the Child Tax Credit to your refund. Further, filing for a $1,400 stimulus payment on behalf of your dependent involves claiming a Recovery Rebate Credit on your tax forms. These funds will also be added to your refund.

Because the IRS is expected to be so backed up this year, it's more important than ever to file as early as possible. In addition, the IRS urges American taxpayers to file their returns electronically and to request refunds by direct deposit to your bank account, both of which cut the time it takes to process a return.

If your adjusted gross income is $73,000 or less, the IRS provides free online tax software through their Free File program. One of the neatest parts of the program is that you get to choose which tax preparation company you'd like to file through, based on the companies participating this year.

Who's eligible for the entire amount?

According to the IRS, you're eligible for the entire $1,400 stimulus payment if you meet the following income guidelines:

• Single filers: $75,000 or less in adjusted gross income
• Heads of household: $112,500 or less in adjusted gross income
• Couples filing jointly: $150,000 or less in adjusted gross income

The size of payment gradually decreases for taxpayers who earned more. It phases out completely for single adults who earned more than $80,000, heads of household who earned more than $120,000, and couples filing jointly who earned more than $160,000.

Read more: How to Calculate Your Adjusted Gross Income

And you're eligible for the entire Child Tax Credit amount if your income falls within these guidelines:

• Single filers: $200,000 or less in adjusted gross income
• Couples filing jointly: $400,000 or less in adjusted gross income

In addition

The $1,400 stimulus check does not only apply to child dependents through age 17. For example, if you have a child aged 18 or 19 who is still in high school, that child was eligible for stimulus money in 2021. In addition, if you're supporting a young adult in college and still claim them on your tax return, there was a stimulus check designed for them last year. If you pay more than 50% of the expenses to care for a disabled adult or elderly dependent, they were also eligible for a $1,400 stimulus check. If you didn't claim the stimulus funds in 2021 for these dependents, it's not too late to do so. You may not receive $5,000, but $1,400 is nothing to sneeze at.

If your family grew in 2021, congratulations! Now, get your taxes filed at soon as possible. The deadline for filing for most taxpayers is April 18.