You need to wait exactly two more weeks when the first of the newly refurbished stimulus check payments would start coming through your mailboxes. There is a possibility of you receiving it in your bank account if you have registered yourself with the IRS. If you actually add this to the tax credit that you will face next year, you could be looking at a payment of $3,600 per child.
These expanded federal child tax credit payments have been generated from the $1.9 trillion stimulus package that was put out last March. Yet, don’t be hopeful right now- there is a catch to the entire project.
Larger Stimulus Check Payments, Larger Problems
Due to the way these stimulus check payments are structured, there is a possibility that several families might actually be put in debt- even after they have put in their federal taxes for 2022. Remember, the answer is in the way these payments have been created. Put simply, this is the single federal child tax credit- which has been expanded under the American Rescue Plan.
Most families will simply get half of the benefit for this year in the form of a tax credit. In the very first half, most families will be able to procure this very year, which could be in the form of an advance payment. If you could go beyond the fact that the payment would be spread over six different monthly checks.
Now, the problem lies for those who try to shift their tax returns to the last day before the deadline. Most experts are of the idea that it is quite possible that the new payments might leave you in debt. The solution- refuse the stimulus check. We know, all these sound quite absurd.
But as Ben Wacek has informed CNBC, if you are someone who usually owes when you are filing your taxes or relatively cutting close, you might actually want to consider opting out of the whole business of advance stimulus check payments.
