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Friday, July 1, 2022

Stimulus Check Update: Payment Of $300 To Every Bank Account

While the CTC stimulus check was to be capped at a sum of $2,000 for most families, the administration has decided to expand the sum. In their effort to combat the pandemic, and rejuvenate the struggling economy, the Joe Biden administration has decided to pump in more money to the cause.

The expanded sum allotted $3,600 to every child under six, while children above the age of 6 to 17 would be issued a payment of $3,000. The payments were initiated on the 15th of July, with the payments being made in $250 or $300 installments for eligible families. 

Expanded CTC Stimulus Check Proposed By The Administration

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In order to qualify for the expanded CTC stimulus check, most couples need to have an annual sum of less than $150,000, while single parents who have filed as the head of the household need to make below $112,500. If the sum goes above those income levels, the payment will be reduced by $50 for every extra $1,000 in the AGI of the family.

As an example, if a family has an AGI of $152,000, they would be finding a deduction of $100. Also, just like the stimulus payments that were sent previously, parents who will be qualifying for the tax credit can definitely expect the cash to be delivered to them as long as they have filed their taxes in the last two years. 

Most parents also have the opportunity to opt out of the monthly payments and claim the entire stimulus check amount on their 2021 taxes. As has been reported, the IRS will shortly be bringing out the feature of opting out on their official website.  

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Interestingly, while the expanded CTC stimulus check does provide many Americans some extra cash in these dire times, it is not clear if Congress or the Biden administration would be approving a fourth stimulus payment for the masses. Although quite a few legislators from the Democratic end have expressed their support for the payment, the Biden administration doesn’t see it as a priority yet. But, it is important to note that they haven’t discarded the idea either.  

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