As the IRS prepares to distribute the final monthly child tax credit payment, cash-strapped families could receive a bumper „stimulus check” worth up to $1,800 per child.
From December 15 – just days before Christmas – millions of homes are likely to get a check.
Families with children under the age of six normally receive a $300 monthly allowance per child, while dependents aged six to seventeen receive $250.
The child tax credit will be paid for the sixth time in December’s „stimulus check.”
Although the advance tax credits were made available in July, some families may have signed up later in order to receive a higher monthly amount.
According to WBFF, families will be able to claim up to $1,800 per child when filing their tax returns in the new year.
Each younger child can receive up to $3,600 in credit, while older children can receive up to $3,000 in credit.
The entire credit is available to single taxpayers earning less than $75,000 and joint filers earning up to $150,000.
This year, the child tax credit was increased from $2,000 to $3,600 per child.
As senators debate whether to approve Joe Biden’s Build Back Better initiatives into law, December’s installment is slated to be the final advance payment.
According to the Washington Post, IRS officials have reminded senators that if families want to get a child tax credit payment on January 15, they must pass the measure by December 28.
„I’m really concerned because it would be a tragedy if the child tax credit expires,” Colorado Senator Michael Bennet remarked.
„We need to make sure we don’t cancel this at the start of the year.” That is going to be a disaster.”
„Our country would not accept vulnerable older individuals missing out on a Social Security check,” said Ron Wyden, an Oregon senator.
„Similarly, missing out on a child tax credit payment is not acceptable for disadvantaged children and families.”
„Our belief is that the child tax credit is a really fundamental, basic support for families and that we should extend it,” said Brian Deese, director of the National Economic Council.
„And we should extend it because it is accomplishing what we intended it would: drastically reducing child poverty in America, dramatically reducing poverty in America, and giving families some breathing room in an extremely robust but uncertain economy.”
Families are asking with lawmakers to extend the „stimulus payments” into the following year.
Nikki Wall, who lives in Clarkdale, Arizona, with her three children, is a minimum-wage worker who said she wouldn’t have been able to afford „basic basics” without the money.
Nikki wrote in azcentral, saying: „So I exhaled a sigh of relief when I learned earlier this year that I would be receiving the enhanced child tax credit in monthly payments.
’HELPING HAND' is a phrase that means 'helping hand.' „My family’s already tight budget has tightened even more this year, and I’m not sure how I would have been able to buy basic essentials if we hadn’t received the additional child tax credit.
„The payments are assisting me in covering the rent increase while also allowing me to pay my other bills on schedule.”
Families will receive a cash boost in the form of child tax credits, but a fourth stimulus check is doubtful before the end of the year, according to the White House.
Residents in states and localities across the country are receiving assistance from legislators.
Last month, Governor Janet Mills announced that more than 500,000 Maine households will receive a $285 relief payment.
To be eligible for the check, single taxpayers must earn less than $75,000 per year. For joint filers, the threshold is less than $150,000.
According to AS, checks will be mailed in groups and should arrive by December 31.
Seattle residents had until November 15 to apply for up to $3,000 in stimulus money.
A total of $16 million will be allocated to assist low-income residents affected by the pandemic.
Those who were unable to get state unemployment benefits, did not have health insurance, and did not receive a federal stimulus payment are all eligible.
From December 18, tens of thousands of households in St. Louis, Missouri, will be able to apply for a $500 stimulus grant.
The funds will be distributed to Americans who have been financially impacted by the coronavirus outbreak.
According to city officials, at least 9,300 citizens who have lost their jobs will be eligible for the reimbursements.