IRS Announces New Stimulus Check 2023
The IRS has recently announced a new stimulus check for 2023 that will be sent to eligible families in the form of the Child Tax Credit. This news is particularly important for families who have been struggling to make ends meet due to the ongoing pandemic.
Child Tax Credit
The Child Tax Credit helps families with eligible children get a tax break, according to IRS. You may be able to get the credit even if you don’t usually file a tax return. The child tax credit is commonly referred to as the CTC. It is a tax credit available to taxpayers with dependent children under the age of 17. You have to prove to the IRS that you and your child meet specific criteria to be eligible.
Who will receive the new stimulus check?
To be eligible for the stimulus check 2023, you must have a child and have not received the Child Tax Credit for the year 2022. Your family must also have earnings of less than $150,000 if filing jointly or $112,500 if filing separately.
To be an eligible child for the 2022 tax year, your dependent generally must:
- Be under the age of 17 at the end of the year
- Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece, or nephew)
- Have lived with you for more than six months
- Be correctly claimed as your dependent on your tax return
- Be a U.S. citizen, U.S. national, or U.S. resident alien
You are eligible for the full amount of the 2022 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return). Parents and guardians with higher earnings may be eligible to claim a partial credit.
READ ALSO: More Inflation Relief Stimulus Checks: Will it Help or Hurt the Economy?
Can I get a stimulus check for 2023 without filing taxes?
For residents who are not required to file taxes, there is still a way to receive stimulus checks 2023, a recently published news article reported. By filling out the form on the IRS website under the “Non-Filers” section, you may be eligible to receive the child tax credit through a one-time payment of $1,200 or $2,400 as a couple, plus an additional $500 per dependent (up to three dependents).
It’s worth noting that this process is done purely online, and low-income individuals who lack access to technology may find it challenging to receive the stimulus check. If you know someone in this situation, it may be helpful to offer them assistance in filling out the form and claiming their stimulus check.
In conclusion, the new stimulus check 2023 in the form of the Child Tax Credit is a much-needed relief for families struggling during these difficult times. If you believe you’re eligible to receive it, make sure to claim it as soon as possible to avoid any potential issues in receiving it.
READ ALSO: Get Your Share: Find Out the Amount of Stimulus Checks in Your State for February 2023
