IRS is continuing to send out stimulus check to eligible Americans, and they are sending higher payments and adjustments or “plus-ups” to people who received less money they qualified for earlier on in the year. Under Biden’s American Rescue Plan efforts, the latest round of payments are set to be over 1,400 for each eligible adult and child.
Some people have been experiencing longer wait times to receive their check
While some Americans have waited a few weeks, if not months to receive their payments, IRS is prioritizing sending out check to people who already filed their 2019 or 2020 tax returns. As mentioned by the IRS, 900,00 checks were sent to individuals who recently filed tax returns, and over 1.1 million payments were “Plus-up” adjustments for people who qualified to receive more based on 2020 tax returns. People who haven’t yet filed their taxes, or are not required to file their taxes, may have to wait longer to receive for IRS to process their check.
What about a 4th stimulus check?
Although it’s highly unlikely that people would receive a fourth stimulus check, and that it has captured support from policy makers and all Democrats who signed a supporting letter to President Biden to continue recurring stimulus payments, there are other efforts to help our Americans.
The expanded Child Tax Credit, with the American Rescue Act leading the IRS to send monthly check up to December 2021. The Tax Credit will deliver payments for up to 300 for each child under 6, and 250 for each child between 6 to 17 for families who fit certain income thresholds (MSN)
Who can be receiving the Child Tax Credit and what are the Income Thresholds?
As described on an article posted on MSN, the IRS said those income thresholds are:
- For tax payers who are single- $75,000 or less.
- For heads of household – $112,500 or less
- For Married couples filing a joint return, and qualified widows – $150,000 or less
Add Comment