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Thursday, October 28, 2021

CTC Stimulus Checks: Millions Sent Last Week

The CTC stimulus check payments hit the bank accounts of America on 13th August, Friday. An estimate by the IRS puts the total value spent at about $15Bn. An approximate 36Mn American families received the checks.

The Latest Estimates Of The CTC Stimulus Check

Families who have children who are younger than 6 years old are getting a bonus of $300 extra stimulus check for every child. Children aged between 6 and 17 are getting an amount worth $250 sent to their parents.

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Four more monthly payments are still going to be sent out before the year ends. The remaining cash of the CTC can be claimed by parents when the 2021 tax returns are filed in 2022. The maximum threshold for qualifying for this credit is $150000 for joint filers and/or married couples. Household heads have a threshold of $112,500, while single filers’ threshold is set at $75,000.

However, some parents did not get the stimulus check on the designated date. As a result, parents took to social media to complain about the situation. Consequently, the IRS issued a warning that there have been some delays in sending the CTC stimulus check to the families. The reason was a technical bug. It led to the stimulus checks being sent over snail mail, and not electronically.

The agency’s statement said that the technical issue will be resolved by the time the payments are sent out in September. Nevertheless, about 15% of the recipients will get paper checks for their August payment instead of their chosen electronic methods.

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Those who are yet to get them should visit IRS.gov and access the Update Portal for the CTC. The tool will show users if the check is being sent over the post, or electronically. The delay cause remains unknown, however, an estimated 4Mn were reported to be affected.

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