A stimulus check for the advance payment of the Federal Child Tax Credit will be arriving in your bank accounts this Wednesday. Those who are to receive paper checks will expect it in their mail a bit later.
This is the third monthly advance payment of such credit from the Internal Revenue Service (IRS). The first and second checks went out in July and August to eligible households. This payment will continue until December of this year. The amount from July to December for the advance Federal Child Tax Credit is fifty percent of the entire amount that eligible households will receive from the IRS. The IRS will give the other half after the 2021 tax return gets filed.
Eligible families can receive up to $300 for every child under the age of six. Families who have six to 17 years old children can receive up to $250 per child. By next year, after filing the tax return, the tax credit that eligible families will receive is $1,500 for each kid from six to 17 and $1,800 for each kid under six, iHeart.com reported.
The payments are part of the expansion of the Federal Child Tax Credit as it was included in United States President Joe Biden’s American Rescue Plan. A summary from the IRS will be released to the eligible families, too, known as Letter 6419. This letter should be kept as it may be needed to claim the tax credit due on the 2021 tax return.
The eligible people are single parents who make up to $75,000 a year, heads of households earning up to $112,500 per year, and joint filers making up to $150,000 a year.
