Stimulus check: Millions to get more payments this week

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Stimulus bank check: Millions to get more payments this week

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The 2d round of the expanded child-tax credit payments are set up to hit the bank accounts and mailboxes of 35 million families this week or early next, with checks totaling upwardly to $300 per eligible child.

Under the Biden administration'due south American Rescue Plan, the existing kid-tax credit — which provides up to $2,000 per qualifying dependent as a credit at the end of the year — was expanded to pay out more coin per child and to distribute up to half of the credit to families as advance monthly payments.

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The expansion also makes credits eligible for children who are 17 years sometime or who turn 17 by the end of 2021. The regular tax credit covers only children under 17.

Families who authorize for the expanded credit are receiving upward to $iii,600 per child under historic period vi, and upwards to $3,000 per kid from ages six through 17, spread out over every calendar month from July through December 2021.

Advance payments will full up to $300 or $250 per month for each child, respectively. The expansion phases out by $l for every $ane,000 in income for single taxpayers earning more $75,000 and married taxpayers (filing jointly) who make more than $150,000.

The beginning advance payment went out last month (July fifteen), and the remaining checks are set to be distributed on Aug. 13, Sept. 15, Oct. 15, Nov. xv and Dec. 15.

While the advance payments are providing cash directly to families, the IRS also offered the pick (the deadline passed earlier this month) to opt out of these checks and instead claim the credit as a lump sum on 2021 revenue enhancement returns.

How to go your child-tax credit

If you lot filed a tax render for 2020 or 2019, you likely don't need to exercise anything to merits the credit and should have already received one advance payment in July.

If something seems awry, or if yous need to modify your direct eolith data, log onto the Child Revenue enhancement Credit Update Portal on IRS.gov to view what'southward on file.

Emily Long is a Utah-based freelance writer who covers consumer technology, privacy and personal finance for Tom's Guide. She has been reporting and writing for virtually 10 years, and her work has appeared in Wirecutter, Lifehacker, NBC BETTER and CN Traveler, amid others. When she's non working, you can notice her trail running, instruction and practicing yoga, or studying for grad school — all fueled by coffee, evidently.

Source: https://www.tomsguide.com/news/stimulus-check-millions-more-payments-going-out

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