Child tax credit update – here’s how you can get your hands on family stimulus checks worth $500
MISSING your child tax credit payment? Here’s how you could claim your $500 check today.
Roughly 35 million household could be eligible for “family stimulus checks” during the latter half of this year.
Families are entitled to payments totalling up to $1,800 for each child under 6, and as much as $1,500 for kids ages 6 and 17.
But, if you’ve got a college-age child under your roof, you could qualify for government cash, too, though your older kids must meet certain conditions to qualify.
A one-time payment of $500, which can be taken as a tax refund when you file for a return next spring, is available for families with children aged 18 to 24.
The IRS’ criteria for payments is that the child who’s over 18 must be claimed as a dependent.
Adult children between 19 and 24 must be attending college full time and have Social Security numbers.
Don’t forget income limits also impact these payments as well.
Government funds start phasing out if you earn more than $75,000 as a single tax files of $150,000 if you’re a married couple that files jointly.
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For head-of-household filers, the income threshold is $112,500.
For those who don’t normally file taxes, the IRS says you can pursue your $500 check using its child tax credit non-filer sign-up tool.
According to CNET, the payment will come when families file taxes for 2021 at the start of next year.
Income limits associated with the expanded child credit are in effect for these payments, too.
Read our Child tax credit live blog for the very latest news and updates…
The next chance to opt-out for the October child tax credit is October 4 by 11.59pm Eastern Time.
Meanwhile, Joe Biden‘s administration is asking for the debt ceiling to be raised, but if Congress says no to raising it, the US will default on its debt for the first time in its history.
This would mean the loans people take out to pay for things like mortgages, credit cards, car loans, could cost a lot more and a possible government shutdown could occur.
Lending will get more expensive because banks will tighten their spending if more bonds are not released into the market, as banks usually buy the bonds, which increases the money supply in the economy and thus makes loans cheap.
