American families can expect to receive another stimulus check soon. The Biden administration has expanded the Child Tax Credit for 2021 to $3000 for the year. Checks are going to go out to families with children under the age of six for $300. Families with children between the ages of 6-17 will receive a $250 check.
The overall plan for the program is to give the checks out gradually and finish the payments with a lump sum at the end of the tax season. However, families can change their plans. There are ways to opt-out of the six spread-out payments. That will defer payments until tax season next year.
With the previous stimulus checks, there were issues getting them out. One group of people left out are those who do not file taxes regularly. If a single filer makes less than $12,200 a year they do not have to file a return. The same applies to married couples filing jointly if they make under $24,400 a year. The IRS is launching an app targeted at those who do not usually file a return.
With the Child Tax Credit being extended, families will receive a bit of help. With reports of the Delta variant sweeping across the country, it seems as if the pandemic will continue. That means families are still in need of help. These checks should help a lot of families struggling to find out what to do in order to keep bills paid and children fed.
Child Tax Credit Stimulus Checks Coming
Over 39 million families will be recipients of the expanded Child Tax Credit. While most families will receive the funds without issue, others will need to check their status and make sure they are getting what they are owed.
There is an online portal that families can go to and change a couple of things. Those changes include stopping the monthly payments in favor of the lump sum next tax season. Families can also update information and make sure they receive the full amount they are owed.
If a family has a new dependant or more that has not been added by the IRS, this portal will allow them to update that information as well. Also, families can update their banking information to get direct deposits. Or, they can choose to receive paper checks which will take longer to reach families.
The White House should have this stimulus check thing figured out by now. Throughout the pandemic stimulus checks have kept families and individuals afloat. There was record unemployment just a year ago. Now, it appears workers don’t want to return to low-wage jobs with long, and unforgiving hours.