A large majority of American families who have children are expected to get the monthly Child Tax Credits stimulus check to start from 15th July. The new unofficial stimulus check will increase the money in your account by a maximum of $3600 till the next year, for each kid. The new legislation states that half of the amount can be received as monthly direct deposits between July and December 2021.
Qualification Details Of The Monthly CTC Stimulus Check
However, since it is related to taxes, you might find the whole process too confusing. The main point that you should keep in mind is that the family’s income as well as the dependents have to meet specific criteria to get the CTC stimulus check. You can also choose not to get the monthly payments and get a lump sum amount next year.
The Internal Revenue Service takes into account several criteria to determine the CTC stimulus checks. These include the family’s AGI, and how old the dependents are. For single filers, if their AGI is below $240,000 and their dependents are below the age of 5, they will get the full $3600 amount. For household heads whose AGI is less than $240000 and the dependents are aged between 6 and 17, they will be paid $3000. For joint filers, the AGI limit is $440,000. They will get $500 for every 18-year-old dependent and college students between 19 and 24 will be getting $500 each.
For children who are younger than 6 on 31st December of this year, a full amount of $3600 is claimable as the CTC stimulus check. Babies born in 2021 are included in this list as well. For those who do not usually file taxes, you should make use of the IRS’s updated portal to notify the agency of your payment details.