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Friday, July 1, 2022

CTC Stimulus Checks Coming Early For August

Parents might be expecting their monthly CTC stimulus checks to arrive on this month’s 15th as well. Last month, the date was followed and families may have budgeted around the payment as well. But, the payment date for August has been changed.

August’s CTC Stimulus Check Arriving Earlier

In the previous month, American parents received the CTC stimulus checks on 15th July. The government had also stated that future payments will be sent out on every month’s 15th. This schedule will be followed for September till December.

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However, the payment for August will be hitting parents’ bank accounts earlier. It will arrive on 13th August, two days earlier. The date was changed because 15th August falls on a Sunday.

The payments are being a part of the temporary expansion to the Child Tax Credit. American families will be paid a total amount up to $3,600 for every child who is younger than 6. For every child older than 6 and younger than 17, the maximum amount received in the CTC stimulus check is $3,000.

However, similar to the actual stimulus checks, the CTC ones also have cutoffs and restrictions. Similarly, these payments are also based on the AGIs of individuals. Higher incomes will be paid lesser amounts.

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The full $3600 and $3000 amounts will only be paid to individual filers whose earning is below $75,000. For married couples or joint filers, the threshold is $150,000. For those whose earning is beyond this threshold will be receiving reduced payments.

The expanded CTC stimulus check amounts will have a $50 decrease for every $1000 increment in income over the threshold. The lowest amount that can be received is $2,000. Individuals whose AGI is over $200,000 will not be eligible for the payments at all. For couples, the limit is $400,000.

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