June begins in the best way possible, with a record social benefits program that seeks to help thousands of families. Stimulus Checks in Monthly Payments are not as common as those based on single payments, but during the last few months they have been called up again, this time with an amount of $8700 that you are going to receive as a surprise. This time with an amount of $8700 that you are going to receive as a surprise.
New Stimulus Checks in Monthly Payments: up to $8700 from this month
President has signed supplementary budget to provide money to the families as they have released one more stimulus checks. The monthly payments they will expect will be up to $350 per child within a certain age bracket or means tested, with a $8,700 cap over a six month period within the year of June 2024.
This Child Tax Credit extension is proposed to help families affected by the present COVID-19 crisis, which has continued to affect the global economy adversely, and also the increasing cost of living. These new stimulus checks continue with what was earlier known as the expanded Child Tax Credit.
However, this latest iteration of the plan has undergone some changes to the eligibility criteria and the compensation plan with regard to the above aspects. The full payment amount will be payable for single filers with annual income below $75,000 or joint filing statuses with annual income under $150,000.
Are you eligible for these new Stimulus Checks in Monthly Payments?
In order for a family to get the new stimulus checks, then they are required to meet some conditions on their gross income on their last tax return depending on the size of the family. For single filers, the full payment is received for individuals whose AGI does not exceed $75,000.
For married couples filing jointly, the repayment amount touches $19,000 for those within an adjusted gross income of $150,000 or below, then it gradually dissolves for those with an AGI of $198,000 or higher. The amount received will depend on the number of qualified children in a household.
Any child seeking to be considered for the benefit must possess a valid social security card, and must be claimed on the family’s most recent filed tax return. Other qualifying conditions include identity; where one must be a US citizen or a resident alien and one cannot be a dependent of someone else who files taxes.
When will you receive the Stimulus Checks? Attention to the payment schedule
The new stimulus checks will provide eligible families with up to $8,700 in additional cash assistance spread over six monthly installments from June to December 2024. The payment amounts are based on the adjusted gross income (AGI) reported on 2022 tax returns and the number of qualifying dependents in the household.
The first payment is scheduled for June 15th, 2024, with subsequent installments arriving around the 15th of each following month through December 15th, 2025. The IRS will issue the payments via direct deposit for tax filers who provided bank account information on recent returns.
For single filers with an AGI below $75,000 or married couples filing jointly with an AGI under $150,000, the maximum payment is $1,450 per month. This equates to an annual total of $8,700 for a family with one qualifying child. The payments decrease incrementally for income levels above these thresholds.
As you can see, these Stimulus Checks in Monthly Payments give you the opportunity to receive $8700 almost by surprise, just as it happened to the citizens of California last May. Have you checked the requirements and do you meet all of them? If so, it is only a matter of time before the money arrives in your bank account, although our advice is to be vigilant and wait.
