New $300 Stimulus Payment is Coming Your Way. Here How to Get it?
In three days, millions of Americans will receive new $300 stimulus checks, so make sure you’re registered for the child tax credit.
Families who qualify for the expanded Child Tax Credit can expect to receive the fifth installment of payments on Monday.
One final payment will be due in December following the November 15 payment.
Family members will receive the remaining benefits of the Child Tax Credit in 2022 as part of their tax return for 2021.
If lawmakers do not extend the expanded program, monthly payments will cease in December.
Joe Biden signed the bill in March intending to help families get by and make the economy good again after Covid.
With the expansion, most taxpayers were able to save up to $2,000 per child on their federal income taxes.
The new law will, however, grant a $3,000 tax break for each child ages six to 17 starting with the 2021 tax year.
Under the age of six, you are eligible to receive $3,600.
Read More: When Will You Receive November Child Tax Credit Payment?
The program also provides $500 for each full-time college student who has dependents between the ages of 18 and 24.
A monthly check of up to $300 was sent to each child under the age of six, and a check of up to $250 for each child between the ages of six and 17.
A taxpayer with a modified adjusted gross income (AGI) of the following is eligible for the maximum credit:
- $75,000 or less for singles
- $112,500 or less for heads of household
- $150,000 or less if you are married filing jointly or a widower or widow
As of now, it’s unclear how the expanded Child Tax Credit will be implemented.
Legislators are considering limiting the renewal of the expanded tax credit as they work to scale back President Biden’s infrastructure bill.
With Biden’s $3.5trillion plan, the Child Tax Credit was initially proposed to be extended to 2025.
