Some Maine Residents Eligible For Another $3,600 From The IRS
UPDATE (May 17th)
According to WMTW, the families of about 65 million American children will get their first checks of $300 (or more) on July 15th. About 39 million households, or 88% of American families, will be eligible to get at least some of the enhanced child tax credit.
Original story follows...
Even though it initially appeared that the latest round of stimulus checks would be the last pandemic relief money that most of us would see, that may not be the case.
According to CNBC, some Americans could begin getting monthly checks in July.
It’s all part of an expanded child tax credit.
Who will get the money?
Single parents making less than $75,000 per year, and couples making less than $150,000 per year, will be eligible to get money for each of their dependent children.
How much will the parents get?
For each child under the age of 6, the parents will receive a check for $300. For each child aged 6 to 16, the parents will get a check for $250. These checks will come out on a monthly basis from July through December.
Those monthly payments will act as the first half of a year’s worth of the child tax credit. Parents will get the remainder of the credit next year. It will come in the form of a tax credit that you can use when you file your taxes in the winter / spring of 2022. In total, qualified parents will get $3,600 per child under the age of 6 and $3,000 per child between the ages of 6 and 16.
There is no limit on the amount of children each family can claim.
Why monthly checks?
It was decided that dolling the money out on a monthly basis would make it more useful to families. Instead the large lump sum going to a large purchase, the monthly payments would allow it to be used
People who make over the income limits would still be eligible for the regular tax credit. Assuming those people met the eligibility requirements.
While the IRS is working hard on the project, there is no guarantee that the first checks will be sent out in July.
The entire program is part of President Joe Biden's $1.9 trillion relief package.