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Thursday, August 11, 2022

Stimulus Check Updates: $350 Direct Deposits Starting Today

15th July, Thursday, is the day that direct deposits regarding the most recent stimulus checks are going to start from. If you have not got it yet, then here is all we know for the day. The day has finally arrived. The checks are being paid under the expanded CTC, approved in March.

Family Stimulus Checks Lasting Twelve Months

Biden’s America Rescue Plan included a temporary expansion to the Child Tax Credit already present. This provided $3,600 per child that qualifies and whose age is also below 6. The amount is still a substantial $3,000 for those eligible children who are below 18 and above 6. The tax credit can be claimed in two halves. The first in the form of advance monthly stimulus checks worth $250 or $300 for every child, lasting till December. The rest is claimable while filling the tax returns for 2021 in 2022.

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The Internal Revenue Service estimates that about 65 million children belonging to 39 million American families will be receiving the stimulus payment. The number of children per family has no limit. However, the stimulus checks do have a limit based on income. Full payments will be going out for only those whose annual AGI is equal to or below $75,000. For joint filers, the limit is $150,000.

However, this does not mean that there are no CTC stimulus checks available for those with higher AGIs. They will receive the usual $2,000 amount for every child below 17, provided their AGI is below $200,000 annually.

The stimulus checks will start today. The IRS has said that 4/5th of the payments will be directly deposited into accounts. Only when the direct deposit process has been concluded, will paper checks start being issued. The next payment dates are 13th August, 15th September, 15th October, 15th November, and 15th December.

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