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Monday, March 20, 2023

CTC Stimulus Check: Successful 3rd Phase Of Payment

In the third check out of series of six, the IRS dispensed $15 billion among families having 61Mn children. The money is the CTC stimulus check payment that parents get every month for each eligible child.

The check series began on 15th July. It is expected to show up on the bank accounts by September 15. All the recipients with direct deposit will be benefited from it. But the recipients of checks might have to wait extra days.

Eligibility And Payment Methods Of The CTC Stimulus Checks 

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The payments form 50% of the entire CTC. The other half is the accompanying tax credit which is expected to be completed within a year. 

The eligibility criteria for the benefits must be one child at least falling under specified age groups. The child must be under 6. Also, older than 17 age groups are not eligible for the stimulus payment. Families who got benefited last time will get the money with a similar amount this time as well. The amount for the childer between 6 to 17 is $250 and for the childer under six is $300 per month. 

A technical glitch took place from IRS‘s side, as 15% of the families were sent paper checks in the place of the second payment on 15th August. The IRS said the issue must be resolved soon with the upcoming amount. This will leave three more tax credit stimulus checks scheduled on 15th October, 15th November, and 15th December, respectively. The payment for 2022 will be decided by summing up the six checks received this year. For updates, it is advisable to keep checking the website.

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There are two critical points mentioned By IRS. There will be a letter of a summary at the end of the year sent out to taxpayers who have received CTC stimulus checks. Another one is that they should keep that letter as it will be needed later for filing the federal IT return for 2021.

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