The IRS has continued to send out plus-up amounts as well as payments for the third stimulus check. In the midst of it, millions are still hoping that another fourth stimulus check will be deposited in empty accounts.
The Latest Batch Of Direct Stimulus Check
Although another stimulus check is still questionable, more relief benefits are certainly coming. These are part of the new Act called the American Rescue Plan of 2021. A major part is the expansion of the tax credit for children. This will pay out $3600 for every child that qualifies.
Furthermore, the limits on the CTC that were there in 2020 have also been modified and increased. The maximum amount used to be $2000, now it is $3600. The amount will be essentially another “stimulus” check for families that qualify. They will be receiving payments for every child in the household. Of course, they must fall under the restrictions of income that the expansion has set.
The maximum amount of $3600 will only go out to those whose children are 6 and below, as per the expansion. For children who are older than 6 and younger than 17, the maximum amount eligible is $3000.
Moreover, this expanded CTC also sets aside money that can be claimed by college students, and not just those under 17. This means that eligible adults 18 and older, up to 24, can also get a payment worth $500 once.
The CTC is also completely refundable. The requirement that the earned income must be $2500 has also been removed. Thus, the expanded CTC is now available to those who need it the most. This includes unemployed adults or disabled individuals who are beneficiaries of Social Security.
The expanded CTC is optionally issuable as a periodic stimulus check for families whose income is in the lower and middle groups.
