The next round of stimulus payments is targeted at families in the form of monthly payments from a newly expanded child tax credit.
On July 15, “nearly all” working families will start seeing $250 to $300 per child automatically deposited into their bank accounts or sent to their mailboxes, the White House said. The expanded credits are part of President Joe Biden’s American Rescue Plan, the latest effort to boost the economy amid the COVID-19 pandemic.
What’s happening?
Previously, the child tax credit was $2,000 for most families. The newly expanded amount raises that to $3,000 per child age 6 and older and to $3,600 for children younger than age 6. Most of the payments will be made automatically on the 15th of the month for July, August, September, October, November and December. The remainder of the credit can be claimed when filing 2021 taxes.
Who qualifies?
Couples making less than $150,000 and single parents making less than $112,500 qualify for the full benefit. Above those income levels, the extra amount above the existing $2,000 credit – either $1,000 or $1,600 per child – is reduced by $50 for every extra $1,000 modified AGI.
Do you have to do anything to get a payment?
If you filed your 2019 or 2020 tax return or signed up for previous stimulus payments using the IRS’s Non-filer tool last year, your payment should arrive automatically (unless you decide to opt out in favor of claiming the entire amount on your taxes). An opt-out portal is coming soon, the IRS said.
What if I didn’t file taxes?
You can use the IRS Non-filers tool to sign up for the Child Tax Credit. You can see ore on that here.
Will these benefits continue after 2021?
President Biden said he’s pushing to have the tax credit expansion made permanent. Congress hasn’t taken up the issue yet, however.
“The new Child Tax Credit enacted in the American Rescue Plan is only for 2021 -- but President Biden’s American Families Plan proposes extending the credit for years and years to come,” the White House said.
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June 23, 2021 at 09:26PM
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Next stimulus payments start July 15: $300 payments could be made permanent, White House says - oregonlive.com
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