President Joe Biden’s American rescue plan which he signed into law on March, 2021 has been renumerating some large donations to the American people to the tune of $1400 after two subsequent payments of $1200 and $600.
The rescue plan also ushered in a way for Americans to get more income as they heal from the damages of the post-COVID era. One of these changes was the expanded Federal Child Tax Credit which would increase the amount of money that people could claim for each of their children and then it would also allow the first half of the new credit to be paid directly to families during the last six months of 2021.
Africa Today News, New York can also report that the next payment is around the corner and it would be hitting bank accounts through direct deposits by November 15th. People who have opted for check remittal would have to wait a little longer.
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Those with children under the age of 6 would be getting $300 while those who have children from 6 to 17 would be getting $250 for each child. So, if someone has a 4-year-old and a 9-year-old, they would get $550. It is also fully refundable, which means people do not need to work or file a tax return in order to receive the money.
The IRS has also moved to slam a few income limitations on the stimulus check, some of which include:
The Child Tax Credit begins to be reduced to $2,000 per child if a person’s modified AGI in 2021 exceeds
- $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
- $112,500 if filing as head of household; or
- $75,000 if you are a single filer or are married and filing a separate return.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which a person’s modified AGI exceeds the income threshold described above that is applicable.
The payment arriving Nov. 15 will be the next to the last payment of the current version of the credit. Families will have received almost half of the $3,600 credit for children under 6 years old or $3,000 credit for children aged 6 to 17. There will be one more payment left. It will be delivered on December 15.
AFRICA TODAY NEWS, NEW YORK