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Tuesday, January 25, 2022

Stimulus Check Under The American Rescue Plan

For those citizens of the United States of America who qualify for the child tax credit stimulus check payments, the next date of payment is the 15th of October. It was stated earlier that those families having minor children would receive the money on this particular day.

The payments generated in order to help the parents look after their children was a plan mentioned in the “American Rescue Plan.” The amount of the said plan is 1.9 trillion USD. This law was approved by Joe Biden, the President of the country. The main purpose behind it was to help the households in times of the coronavirus pandemic that had a huge effect on the economy of the country by providing stimulus checks. 

Next Stimulus Checks

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The total amount of the child tax credit relief aid depends on the age of the children. If the children are under the age group of 6 years old then they will receive 300 USD for one child. And if the children fall within the age group of 7 and 17 years old, then the federal government provides them a total of 250 USD stimulus check per kid. The amount will be provided to individuals whose salary does not surpass 75,000 USD. And for the married couples, the income eligibility criteria must be within 150,000 USD. 

And if there are people who earn more than the stipulated amount then they will receive a reduced amount of the stimulus check child tax payments. With every 1000 USD as an additional payment, the amount of financial aid provided by the federal government will reduce by 50 USD. In case three is anyone who is perfectly eligible to receive the money but has not received it for some reason, can opt for a track. This can be done by contacting the department of the IRS and requesting them to do so.     

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