As promised, the IRS has put up a new tool to help out poor families. They will be sending out half of the child tax credit in monthly installments. And there are two major changes from last year. The payments are larger and for the first time, a portion of it will be sent as an advance. This initiative is President Biden’s bid to stamp out child poverty that plagues large portions of American society.
The IRS has set up a Child Tax Credit specific website, or portal similar to the stimulus check portal. You can log in and check your eligibility. The tool will especially benefit low-income groups to get their payments on time.
Over 36 million families are expected to receive the first installment of the child tax credit in the middle of last month. Officials said that this new portal will also benefit those who have not got their stimulus check but are eligible for it.
The First Child Tax Credit Check
The first payment should begin on July 15, 2021. Families having children will receive either $250 or $300 per month depending on their age. Children below the age of 6 will contribute more towards the CTC. The payment will be lower for families with children between 6 and 17.
Providing Information For The Third Stimulus Check
Families with low income will also benefit under the 2021 CTC. People who have not received their stimulus check will be able to file their tax returns through this portal. This will give the IRS all the current information they would need to process the third stimulus check.
Janet Yellen, the Treasury Secretary, said that the administration wants to ensure that every citizen receives their relief funds as early as possible and they wanted to make the process as simple as possible.
Some expenses are urgent and recurring like medical and grocery expenses and the new tool is expected to help out people since July 2021.
The tool will benefit people who had a child born before 2021 but failed to update the information as they had not filed their tax returns for 2019 or 2020 or failed to use the non-filers portal last year for claiming their stimulus check.
This portal can be used for including all details of their children aged below 17 and also to add bank details to enable direct payment.
The IRS will be better placed to process the uploaded information and calculate the amount and send it to the claimants. People will not have to go through any other complicated procedure to claim their checks.
Most of the upcoming payments are expected to go out as direct deposits into individual or joint accounts of the filers. But the IRS will also send paper checks and prepaid debit cards through the US postal service.
Eligibility For The Stimulus Check
The stimulus check of $1,400 will go out to individuals earning $75,000 or below, based on their adjusted gross income. The amount will phase out with every increase in income. Individual tax filers with AGI above $80,000 will not receive a stimulus check. For the head of household, the corresponding figures are $112,500 and $120,000. For couples filing jointly, the figures are $150,000 and $160,000.
The added imitative comes even as some experts have said that they suspected that the benefits were not reaching all deserving and qualified families. And the Biden administration to go all out to ensure that no one is left out of the benefits process. It has been reaching out to families through religious entities, and nonprofits that are engaged in working closely with such people.
The Child Tax Credit Letters
The IRS has also begun sending out a letter to eligible families informing them of their entitlement for the CTC based on their tax returns for 2019 and 2020, or other avenues of sending information to the authorities.
Charles Rettig informed that this outreach has benefited from the experience of providing the three rounds of stimulus checks. The IRS has sent over 169M payments, or $395B since the third stimulus check began going out from the second week of March.
The latest IRS tool, specially designed for sending out child tax credit payments will also benefit people who have received the third stimulus check of up to $1,400. It will help people who haven’t received the first and second stimulus check. They will be able to claim these amounts through the Recover Rebate Credit process along with their 2021 tax returns.
Even as the first of the Child Tax Credit payments are set to begin, the IRS will include an interactive instrument to help people determine their eligibility for advance payments. The CTC Portal will also let people opt-out of monthly advance payments of the child tax credit, and also check the payment status at any stage of the payment.
Tracking Your Stimulus Check Through The US Postal Service Informed Delivery
the US postal service has put out the Informed Delivery service for quick and accurate monitoring of the paper check or debit card sent to you. It is a simple process and it only takes 4 steps to complete the whole process.
The USPS Informed Delivery tool helps you track any parcel addressed to you. And that includes the debit card or paper check mailed by the IRS. You will get the latest location of your parcel each day and also the approximate delivery date. But the service is limited to individuals and families and business establishments cannot take advantage of this portal.
Signing Up For The USPS ‘Informed Delivery’ Service
The USPS Informed Delivery is a powerful feature that allows you to track packages, preview your mail digitally before it arrives. You can also schedule your deliveries or leave delivery instructions from any mobile device or a computer.
You should click on the ‘Sign Up For Free’ button after you enter the USPS website. You can then enter your details including your address. Accept the terms and conditions and click on ‘Continue’. You will then have to enter your account and contact information. You will receive a verification code. Enter that to complete your verification process.
The paper check is delivered by the US postal service. The white envelope is marked ‘Economic Impact Payment’ by the Treasury Department. The third stimulus check comes in a differently designed envelope than the first and second checks.
The EIP prepaid debit cards come in a white envelope. It bears the seal of the Treasury Department. It’s a Visa card and the issuing bank is MetaBank, N.A. Further details on the card will be included in the mail that comes in with the debit card.
We hope the newest tools from the IRS and the USPS will get you all the information you need to track your stimulus payment.