The IRS is going to start paying out the starting installment of an advance payment series ranging from $250 to $300 each month for American families who are eligible. It will start from 15th July, and the official name is the CTC stimulus checks.
Will You Get The CTC Stimulus Check?
An estimated 36Mn families in America will be receiving the stimulus checks this summer. The money is going to be paid out by the federal government. It falls under the temporary expansion to the CTC for 2021.
President Biden had signed into effect the expanded CTC as a component of his Rescue Plan for America. Families who are eligible should be getting a maximum of $1,800 as stimulus checks by the last month of this year.
The efforts by the administration of Biden saw the CTC be expanded from being a benefit worth $2,000 for a year, payable only when taxes for the year are filed. Now, the payment amount can be a maximum of $3,600 stimulus checks for every child.
The new CTC also allowed eligible families to choose their system of payments: a cash advance paid monthly between July and December; or as a lump-sum amount that can be claimed when filing the tax returns for 2021.
The main qualifying criteria are families whose AGI is less than $150,000 for joint filers. For household heads who are also single parents, the maximum qualifying AGI stands at $112,500. For just single parents, the maximum qualifying AGI is $75,000.
The other qualifying criteria state that the kid must have a number for Social Security. The child must also have been living with the tax filer for a minimum of 6 months in a year. The benefits should come automatically for those who have filed tax returns in 2020 or 2019.