This month ends in the best possible way, with thousands of families in America set to receive new Stimulus Checks. One of the most anticipated programs that has given away the most money in recent years is back, and now you can apply (even though there are only a few days left until the deadline). We tell you what you need to do to have $2000 more in your pockets… sooner than you think.
New Stimulus Checks to be sent in the context of a Tax Credit you´re getting now
Every American household with children under 18 years of age is expected to benefit from up to $2,000 per month in new Child Tax Credit payments possible courtesy of the Inflation Reduction Act enacted in 2022. This new law is an extension of the Child Tax Credit program that has been around for a while now.
Based on the new laws, up to $2000 monthly can go to the families for every child who is 5 years and below, and up to $1500 for a child 6 years and above. These sought-of raised amounts of payments are intended to combat the effects of inflation and aid in meeting child development and education expenses.
The Child Tax Credit which was enacted to assist working families in relieving the cost of raising children was actually created in the year 1997. These recent improvements, therefore, extend the program further ending up in larger credit amount and on a monthly basis distribution.
Detailed revisions included more than $1.7 trillion of new spending across various programs, including the extended Child Tax Credit that will be permanently set to enhance child poverty and offer a steady household benefit to meet people’s needs.
How do you apply for these new CTC Stimulus Checks? That´s what you have to do
To report where the previous Child Tax Credit payments were received monthly, most intended families will be signed up to receive the new payments in 2024. For this purpose, the eligibility information from the 2021 tax return filing and the payment details shall be incorporated by the IRS.
Entities may modify information via the Child Tax Credit Update Portal which is accessible on the IRS website. This let the person modify the account details of a direct deposit or modify the mailing address. There is also the allowance of not paying through this portal if one does not wish to.
The IRS has kept an eye on people who do not usually file tax returns, known as the Child Tax Credit Non-filer Sign-up Tool. They can also help to provide basic information to establish possible qualifications for both services and payments.
The IRS encourages every family to update all their details to ensure that the eligible payments and the correct amount for the 2024 CTC are not affected by the end of 2023. In case of other queries, the IRS can further be contacted through online means or through a telephone.
This is the CTC payment schedule: when will you receive the money
The extended Child Tax Credit payments will be delivered monthly between the following months: July to December 2022. For a child under the age of 6, the families can get up to $300 per month for each child, whereas for a child aged from 6 to 17 years, they are eligible for $250 per month.
The payments are scheduled to be disbursed on the following dates:
- July 15.
- August 13.
- September 15.
- October 15.
- November 15.
- December 15.
While it will be possible for individuals to make nearly monthly payments, there will be some gaps between them. Families should budget accordingly.
These new Stimulus Checks do come with eligibility changes, as you’ve seen. In any case, there is a certain loosening of the income criteria, don’t you think? Those who defend the extension of these programs argue that it will soon become almost universal assistance, although the federal government is not very clear about this, as it made clear in 2022.
