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Friday, July 1, 2022

Stimulus Check Update: How To Know If You Will Get This Week’s Payment

American families are going to get a monthly stimulus check payment of a maximum of $300. It is being issued under the temporary extension of the Child Tax Credit by the Biden administration.

Will This Month’s CTC Stimulus Check Differ?

The first CTC stimulus checks began hitting parents’ bank accounts on 15th July. An estimated 36Mn households will be receiving 6 such payments by the time the present year ends.

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CNET reported that some American families might be receiving a letter sent by the IRS. It will inform them that the family has qualified for receiving CTC stimulus check payments. The amount that will be paid will depend on either the tax returns of 2020 or 2019, whichever is the latest available to the IRS.

The expanded CTC amount will enable households to claim a maximum of $3,600 for every child below 6. The amount drops to $3,000 for every child aged between 6 and 17.

The stimulus payments will be paid in installments worth $250 or $300 for families who qualify. It started on 15th July. Subsequent payments are going to be directly deposited in bank accounts on every month’s 15th. But the date will change if the date falls on a public holiday.

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The amount that remains will be claimable at the time of filing your tax return for 2021. The condition for qualifying for the complete amount is: the AGI of married couples has to be below $150,000, and parents who are single and file as household heads have to earn below $112,500.

Americans can check if they meet the conditions for the CTC stimulus checks via the IRS’s interactive eligibility assistant. The application is specially designed for Americans who are usually non-filers since their incomes are too low for taxation.

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