Attention Parents: Child Tax Credit, Stimulus Check and How to Go About It

Stimulus Check

The parents are being provided with an amount of about 3600$ if they are eligible for the added incentive for dependents by the IRS. The payments of the stimulus checks might begin soon for several million Americans. The parents will be provided with an option to accept the payments as early as July till December. The monthly payments range between 250$ to 300$. However, this option can be opted out by the parents by simply receiving the CTC for the 2021 year’s taxes. The stimulus check starts on the 15th of July every month. 

The work will be done entirely through two IRS portals that are allegedly being worked on. They plan to launch both the portals on the 1st of July. Among the two said portals, one will let parents withdraw the stimulus check payments monthly, and as an alternative, claim their credit. The claim of the credit of 2021 could be filed with the tax filing of 2022. The remaining portal will help the parents to recondition their personal details if and when necessary. 

Eligibility For The Stimulus Check

This move, according to IRS,  will help the taxpayers to increase their credit amounts. Individuals of the age of 17 will be included in the credit of the year 2021. Before the filing of their tax returns for the year 2021, taxpayers might receive a chunk of their credit in advance. It is a payback process in terms of the credit for children who will be qualifying soon.

Parents who have to pay for daycare, transportation, and other such expenses may receive up to 8000$ for a child if claimed. The amount doubles up if you have more than two children. The dependent child must be under the age of 13 when they are qualifying and the care is being provided.