Are $300 Hazard Checks coming to Mainers?
There appears to be an agreement on both sides of the aisle in Maine to send out checks to individuals and families in Maine. The guidelines of who makes the cut in getting a check appear to be the same used to issue the federal stimulus checks over the past year.
The Hazard Payment
The $300 hazard pay is expected to be sent out to individuals earning $75,000 or less and to couples who earned $150,000 or less. The state will be using your 2020 tax return as the basis for whether you make the cut or not. There are some out there who have not filed for 2020 and they will be missing out on the payment.
Make it rain on em'
The news of a possible payment going out to Maine residents comes just two weeks before the first payments on the child tax credit are sent out. Families will receive $300 per month for each child in their home 5 years old and under. For children ages 6-17 years old families will receive $250 per month per child. These payments are an advance on the child tax credit you would claim when you file your taxes. If you are used to getting a tax return and you take the payments starting in July, then you can likely expect a smaller tax return.
Earlier in June, notifications were sent out to everyone to let them know about the incoming payments and provided steps for those who wish to opt out of the monthly payments. There are mixed feelings about the child tax credit payments. Some, (myself) question if most people understand the intricacies of the payment. You should ask an expert what might be the best course of action for you and your family.