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Wednesday, February 1, 2023

A New Stimulus Check Arrives On Monday, Check How Many Are Left

The American Rescue Plan signed into law by President Joe Biden back in March delivered a third check worth $1,400 to nearly every American after the previous $1,200 and $600 payments.

The American Rescue Plan also changed the federal Child Tax Credit. It expanded the tax credit up to $3,600. It also sent the first half of the newly expanded stimulus check directly to American families starting in July.

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The next payment arrives on the 15th of November, 2021. Most families do not need to do anything to get it. But, they should also start planning. The November payment is the next to the last payment unless something changes.

How To Be Eligible For These Stimulus Checks

Families with children under 6 years old will get a payment of $300 for each child. The payment is $250 for each child aged 6 to 17. There are income restrictions on these stimulus checks. Couples making more than $150k per year or individuals making more than $75k will begin to see their expanded benefits phased out. 

Another important thing to know is that you can get the payment even if you don’t make enough money to have to file a tax return and the Child Tax Credit is fully refundable.

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If you have not received the money yet and feel you should, you can still claim the money, but there is a deadline to that. The last day to alert the IRS that you should be receiving the Child Tax Credit stimulus check payments is November 15th.

The future of these payments is still in question as President Joe Biden wants to extend the credit for at least a year. He also wants to make the refundability of the tax credit permanent. Those provisions are currently in the legislation that the House of Representatives is considering.

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