A stimulus check of up to $8,000 could be received this year by parents with two children under the age of 13, and a certain income.
IRS made its final payment of advanced child tax credits on Dec. 15, 2021.
Fingerlake1 reports that the IRS is currently working on sending some pretty big refunds to families with the right number of dependents and income.
Families with two children under age 13 and an AGI of under $125,000 can receive the check of $8,000.
A parent with just one child would receive $4,000.
The new credit is part of the American Rescue Act, President Biden’s stimulus package.
These big refunds are accounted for the child and dependent tax credit.
The credit offers parents a way to offset the cost of raising a child under the age of 13.
Housekeepers, babysitters, day camps, after-school programs, and transportation personnel can all be claimed as expenses.
These expenses are covered by the IRS as a means to help parents find jobs, finish college, or work.
A dependent with a disability may also qualify for the credit if they are under 13 and need your care.
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What You Need to Do to Apply for the $8000 Stimulus Credit
A Form 2441 must be filled by applicants to claim the child and dependent tax credit.
Families also have the option to claim the child tax credit when they file their 2021 taxes with Letter 6419 they receive from the IRS.