Tax Credit Checks: Are You Eligible for This $1,000 Payment?

by Madison Miller
tax-credit-checks-you-eligible-this-1000-payment

There’s a $1,000 payment on the line, but are you eligible for it?

Well, for starters, you have to be a resident of Connecticut. There will be about 200,000 households that will be able to cash in a new tax credit check that is worth $1,000. It is specifically for low-income residents in need of a little financial support.

Tax Credit Checks Eligibility in Connecticut

According to The Sun, the Governor of Connecticut, Ned Lamont, announced on December 29 that the Department of Revenue Services is retroactively boosting the 2020 Earned Income Tax Credit. It will go up to 41.5% instead when it was previously at 23%.

The money comes with certain restrictions. It depends on need as well as that particular household’s overall federal credit. Other factors the IRS will look at include income, children, and marital status.

“The EITC encourages work, boosts economic stability, and uplifts generations to come. Ultimately, these tax credits improve entire communities because these dollars are being invested right back into our local economy,” Lamont said in a recent statement. The ongoing COVID-19 pandemic has caused a lot of families to go into financial turmoil. This new decision is going to help thousands of families in dire need of assistance.

This check is great support, especially considering the fact that the child tax credit has not been renewed for 2022. These new tax credit checks will cost about $75 million and are being distributed by the Coronavirus Relief Fund. The goal is to have the checks issued by the end of February.

What Does Federal Aid Look Like in 2022?

Will there be more or less federal aid as we approach the new year? The COVID-19 pandemic is not slowing down, which means families may still need additional aid from the government.

We are approaching the third year of the pandemic.

According to ABC 7, there are no more stimulus checks coming to Americans. In addition, guaranteed paid sick leave as well as boosted unemployment benefits have also expired. Even more, student loan payments will start up again in May after several extensions were in place. The child tax credit payments went out this month, but it was the very last round.

Additionally, the federal aid programs that helped small businesses are not currently accepting new applications.

Although several forms of assistance have expired, others are still around. For example, student loan relief, rental assistance, and health care subsidies are still in place for now. For renters, there is still half of the $47 billion Congress authorized in the last year.

Those who have had incomes below 80% f their area median income or qualify for unemployment benefits can use this benefit.

Outsider.com