In 2 letters coming from the IRS, look out for the stimulus check having a new tax credit for children worth $3,600. In just over one month, the IRS has decided to send new stimulus checks to every taxpayer having children. The new payment comes as a portion of the Rescue Plan of America that was signed by President Biden in March. By that law, you will get a stimulus check of $1400.
However, this new series of checks which you will be getting is very much different from other payments. It is a newly advanceable and expanded tax credit for children which will get delivered once a month. The payment will be starting from July and will be ending on the last day of this year. The people eligible for the new payment will receive letters from the IRS. Around 36 million families will be getting such new letters. You must concentrate on the 2nd letter that the IRS will be sending you. The 2nd letter will all be about the stimulus check and the amount that you will be receiving this year.
The Amount In Your Stimulus Check Will Be Determined By Your AGI!
The amount in your stimulus check will be determined by your modified AGI. The payment will be around $150,000 or below for couples that are married and qualified widowers and widows, around $112,500 or below for the head of your household, and $75,000 or below for singles. Since the amount of your stimulus check will be determined by your AGI, you should file your tax returns as soon as you can. It was also announced by the IRS that there will be an improved and efficient website coming up. Thus the website will provide all the necessary information regarding this tax credit. The website will also be full of some very significant tools.