Fourth Stimulus Check Update: New Payments To Arrive On Monday



Anew batch of payments under the government’s expanded child tax credit will arrive Monday, marking the second to the last payments before the final on Dec. 15.

Families with children under the age of 6 are expected to receive payments of $300 for each child for a total of $1,800. Households with children aged 6 to 17 will receive $250 for a total of $1,500.

The expanded child tax credit payments will be phased out for couples making more than $150,000 or individuals earning over $75,000 annually.

Families who have filed their tax returns for 2019 or 2020 have already begun receiving the payments. However, families who have yet to file their tax returns have until Nov. 15 to do so. DACA recipients are also eligible for the Child Tax Credit as long as the children claimed on their tax return have a Social Security number or an Individual Taxpayer Identification Number, according to USA Today.

The payments, which began in July, will last through Dec. 15. Families who are set to receive child tax credit payments are expected to receive the latest batch of funding in their bank accounts Monday.

It is unclear whether the Biden administration would extend the child tax credit payments. However, President Joe Biden has indicated he wants to extend the credit for at least a year as well as make the refundability of the tax credit permanent. Both provisions are currently being considered by lawmakers in the House of Representatives for the president’s Build Back Better plan.

Sen. Joe Manchin, D-W.Va., has opposed adding provisions that would extend the federal child tax credit payments. He wanted to include an income cap of $60,000 per year, which would cut the benefits for about 60% of children currently receiving the payments, according to CNBC.

The new batch of child tax credit payments comes as calls of a fourth round of stimulus checks continue to grow. An online petition urging Congress to send out $2,000 monthly recurring payments is less than 45,000 signatures away from reaching its 3 million goal.

The White House and lawmakers in Congress have yet to signal plans to include more stimulus checks in the Build Back Better plan…Read more>>

Source:-ibtimes

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