Czarina Grace Tech 11.16.2021 04:Nov AM EST

Fourth Stimulus Check Tracker: Who Is Eligible for New $1400 Payments in 2022?

In less than two months, year 2021 is about to end. Although a fourth stimulus check seems unlikely at this point, some Americans can look forward to the incoming 2022 relief programs. One of these programs will credit $1,400 payments to any babies born before the year ends.

By now, a few Americans might have regained their financial stability despite the pandemic. The development happened because of their resilience and adaptability to the circumstances. Another big boost that helped them was the stimulus check payments, which provided immediate financial relief to their expenses. It also helped others regain their jobs.

Because of its effectiveness, many Americans are desperate for a fourth stimulus check.

Since the federal government has yet to approve a fourth stimulus check, Americans should try looking at other support programs, which could still credit them a few hundred dollars depending on eligibility. One of these ongoing programs might also be a little unexpected.

Fourth Stimulus Check Update: Payments for Babies

Keep in mind that many of the COVID-19 relief programs aim to help targeted groups of Americans. IRS often use their income or employment status as indicators for the stimulus payments. However, some Americans with unique circumstances might also benefit from COVID-19 relief funds. One of these groups is newborn babies.

Americans are currently struggling with daily expenses since the average cost of living is on the rise. This development is critical for babies, who have a lot of expensive needs. Families can hardly support themselves for the medicine, education, and child care services. This makes a stimulus payment essential for parents with children.

Fortunately, the third round of stimulus check payments amounting to $1,400 could be credited to babies born this year. However, their household must meet the income requirements, which means having an average gross income (AGI) below $75,000 for individuals and $150,000 for married couples.

If parents are eligible, they can file their 2021 tax returns and receive the stimulus money by next year.

Also note that the same logic applies to the ongoing Child Tax Credit payments. Any child born before the year end and will be declared a dependent on the 2021 tax returns can qualify for the $3,600 Child Tax Credit.

A Few Tips to Save Stimulus Money

To make the most out of the stimulus check money, Yahoo! Finance listed a few tips for payment management.

Refinance expenses. Using this strategy might take off years from ongoing payment plans.
Consolidate ongoing loans. Having a single debt consolidation loan can help lower the interest rate and make planning easier.
Use online tools and mobile apps to manage the bills. These apps could also limit expenses and search for the best purchases with a cheaper cost.
Investing spare change from expenses. This article suggests three helpful apps that can use change for an investment portfolio or for paying bills.