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Sunday, May 22, 2022

A 4th Stimulus Check Seems Unlikely At This Stage: But Make Sure You Get Your Child Tax Credit Payment

It was the first month since July 2021 that Americans had to do without the monthly enhanced child tax credit payments. These stimulus checks used to come in with clockwork regularity every month starting July through December 2021. The debate over the 4th stimulus check continues, but it remains a remote possibility as of now. And there are few indications that it will be revived shortly.

The fluid situation inside the Senate has also stymied any chances of the child tax credit monthly payments being extended as hoped by President Biden. 

Stimulus Check: Joe Manchin Remains On Course To Scuttle The CTC Payments

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With even Democratic Senators not very keen to make any further commitments on any more stimulus checks, it is up to one Senator, Joe Manchin, to make his move and allow the extension of the child tax credit stimulus check.

The CTC payments are still online, at least the 50% that remain to be paid. Millions of citizens, that is those who received the monthly CTC payments, will get the other 50% after filing their income tax returns for 2021 that will be filed within a couple of months from now.

All these payments were part of the Rescue Plan initiated by President Joe Biden at the beginning of his term. The $1.9T fund included the enhanced CTC payments that were increased from $2,000 maximum to $3,600 for children aged below 6. For children aged between 6 and 17, it was $600 less.

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While the first half of the payments were divided into 6 monthly checks paid starting July, the rest will be paid against the returns this year.

With Joe Manchin remaining on course to scuttle the whole thing, things have reverted to the old position. The IRS has started sending out letters to beneficiaries of the CTC payments. So you would need to keep an eye on the letterbox.

President Biden is continuing with efforts to convince his party man Manchin to tone down his belligerence. But till then, families with children have to pare down their expectations to $2,000 for the CTC stimulus check.

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