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Credits: news.yahoo.com

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Heads–Up: There Will Be No $7K Stimulus Hitting Your Accounts This Week; Reports Turn Out To Be Fake

A statement from the U.S version of The Sun claiming that a $7,000 stimulus check coming from the IRS will be released on Aug. 19 turns out to be a false report. Other similar sites have also made these claims and are already circulating. The public is warned not to believe any of these reports. 

Although the push for another round of stimulus has been growing and has been supported by the legislators in the government, there are no official reports of the possibility for a fourth stimulus check. 

The last stimulus payment was already released a few months ago, and it’s probably going to be the last one. This is because although the economy is still recovering from the pandemic, there have been reports showing that the job market has now available positions and that the government is likely to stop providing another round of payment and assistance. Another reason the government might no longer spend another round of stimulus payment is the recent enactment of a trillion-dollar Infrastructure Framework. 

Credits: yahoo.com

Eligible households were able to receive $1 400 per person during the last round of stimulus payments making under $75 000 if filing single or $150 000 for filing jointly. Children under the age of 6 were also included in this payment. If you have 2-3 children and both you and your partner are qualified, you are most likely to receive the $7 000 stimulus payment. 

The monthly payment for the child tax credit also started, and the second round of payments was released on August 13. The child tax credit is expected to continue until the end of the year. If income requirements are met, eligible families can receive $300 per child under 6 years of age. 

Though the Child Tax Credit is now on its second round, you can still register. You are qualified to receive these payments whether or not you pay your taxes. 

These payments are fully refundable as stated in the bill that was passed earlier in March. This means that you are not required to pay it back or pay taxes on these payments.