President Biden’s American Rescue Plan has already pumped in several billion dollars worth of stimulus checks into tax payer’s bank accounts. This has all been done in a bid to ensure that people recover as swiftly as possible from the devastating coronavirus pandemic.
The New Stimulus Checks Are The CTC Payments
On 15th September of this year, the third monthly payment which is a part of the expanded federal tax credit for children has been delivered. The recipients were families that had children who are below 18 years of age. This is the third stimulus check in a set of 6 relief payments.
People who had opted to get the money via direct deposit had received the money on the day itself. However, if the recipient had chosen to receive the stimulus check via physical mail, then there is no option other than waiting for when the mailman arrives with the letter.
The series of CTC stimulus checks has begun in July. It will last all the way till 15th December. It is only the first 50% of the much larger CTC amount. Families will be able to claim the remaining 50% CTC while filing their tax returns for 2021 in 2022.
The maximum CTC stimulus check amount was expanded by Congress to $3600 from $2000 per child for 2021. Every child below 6 will make their families eligible for a monthly check of $300. Those who are older than 6 and younger than 17 will make their families eligible for $250 monthly stimulus checks. Those who are usually non-filers are still eligible for receiving relief aids.
The majority of American families are getting the money. The entire benefit will be available to single filers having AGIs less than equal to $75,000, and joint filers having AGIs below $150,000.