US citizens can look forward to a refund of $656 from the IRS after they received their stimulus check worth up to $1,400, officially termed the Economic Impact Payment as part of the American Rescue Plan passed by President Biden in March 2021.
The IRS has revealed that over 35M returns were filed by February 18 and the average value of the refund issued comes to around $3,536. The figure is merely an average and people have got various amounts in their stimulus check.
After the third stimulus check from the Biden administration, the enhanced CTC scheme also fetched between $2,000 and $3,600.
Families who accepted advance payments in 2021 under the CTC will receive the remaining 50% of the amount against the tax returns this year which will come to a maximum of $1,800 for each child below 6, and $1,500 if the children are between 6 and 17.
Parents received a $300 stimulus check under the CTC scheme for 6 months starting July 2021 for 6 months for children aged 6 and less. F
For parents of children between 6 and 17, the monthly stimulus check came to $250 per month for each child,
Families who received an advance payment in 2021and in line for around $1,800 against their tax refunds.
Parents Will Receive A Letter Detailing The Childtax Credit Stimulus Check
Parents who have already received their advance payment should be getting Letter 6419 sent by the IRS.
This letter includes the amount of CTC payment that taxpayers received between July and December 2021.
The letter includes the total payment received by taxpayers in 2021 under the CTC scheme and also all the children who have been included in the calculation.
This letter should be carefully retained and should be part of the income tax return to be filed this year.
Many families opted out of the monthly mode of payment and instead went for a single check or a refund statement against their 2021 returns filed this year.
It IRS has informed that 33.M returns have already been processed, which is up 12.2% over last year.
