New Stimulus Plan Would Make Many Americans Eligible to Receive $7,200 Soon
Even though the Democrats’ 1,75 trillion-dollar spending plan isn’t finalized yet, the child tax credit is in the latest tax credit framework, which will be extended for another year.
If American households file their tax returns, they will be able to claim the other half of the child tax credit for 2021.
Currently, eligible families can expect their final two checks to arrive by November 15 and December 15 of this year’s approved stimulus payments.
Those two payments are the last of six that make up the first half of the full-year child tax credit payment for 2021.
Over 36 million households have received $60 billion from the IRS and US Treasury. These numbers do not include the last two checks.
The government will be paying half of the full-year payment in 2021 by means of six checks, and the other half will be paid as a tax credit in 2022.
The latter credits may be available to families when they file their taxes next year.
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In addition, up to $3,000 will be awarded to families with children between the ages of 6-17.
Families with children under the age of 6 can also save an additional $600, bringing their total to $3,600.
For married couples with adjusted gross incomes up to $150,000, and single-parent households with incomes up to $112,500, the full credit will be awarded to them.
There are also other factors that affect this.
The fact that no payments were received by a household for the first half of the child tax credit means that in the upcoming tax season they may qualify for both halves of the payment, which could total up to $7,200.
It is important to note that all of this depends on if Democrats’ spending bill is passed.