Before Christmas, a (dollar)1,800 Stimulus Check Could Arrive.
Some Americans may receive another stimulus check just before Christmas, but the requirements to qualify are more stringent than ever. The final payment of the 2021 child tax credit will be made on Wednesday, Dec. 15. Some winners will receive as much as (dollar)1,800 depending on how they use the money.
The kid tax credit was included in Congress’s (dollar)1.9 trillion stimulus package earlier this year, and was designed to help families cope with the COVID-19 outbreak. Since July, the majority of eligible claimants have been receiving monthly payments of (dollar)250 to (dollar)300 per kid under the age of 17 every month. However, some people needed to check their eligibility with the IRS, which caused the payments to be delayed and the total amount to rise. Others choose to receive a single lump sum rather than make monthly payments over the last six months.
The child tax credit was supposed to offer families a total of (dollar)3,000 for each child between the ages of 6 and 17, and additional (dollar)2,000 to (dollar)3,600 for each child under the age of six in one form or another. The intention was to disperse half of the funds in monthly payments from July to December 2021, and then include the other half in tax returns submitted in January 2022. The IRS told BGR earlier this month that many families who signed up before November 15 will receive a lump sum payment in December for all missing monthly payments.
“This translates to a payment of up to (dollar)1,800 for each child under the age of six,” according to the agency. “Additionally, each child between the ages of 6 and 17 may get up to (dollar)1,500. This is the same total amount that most other families have received since July in up to six monthly payments.” Any qualified stragglers who didn’t sign up by the deadline of Nov. 15 will still receive their money, but it will be in one lump payment with their tax return next year. Meanwhile, as part of President Joe Biden’s Build Back Better proposal, the child tax credit program will be extended, potentially providing greater assistance to families in 2022. This one would start in January and consist of 12 tiny monthly payments, covering 90 percent of American families with children. The plan is currently being debated by legislators. Visit the IRS website for more information on the child tax credit.