Millions of families grew accustomed to relying on the pandemic-era program that gave them access to $300 monthly child tax credit stimulus checks.
The parents’ monthly Stimulus Checks would be reinstated under the latest Republican Senate bill, but with extra restrictions.
The Family Security Act 2.0 was proposed by Republican Senators Mitt Romney of Utah, Richard Burr of North Carolina, and Steve Daines of Montana. They describe it as a “pro-family, pro-life, and pro-marriage policy.”
Stimulus Check CTC Extension Will Help Support The Children
The concept was inspired by the expiration of the enhanced child tax credit, which for the first time allowed households to receive payments on a monthly basis. That was $300 per month for each child under the age of six and $250 per month for children between the ages of six and seventeen. Parents may name up to three children as beneficiaries.
To be eligible for the maximum $250 return per child, you must meet the following income requirements: If you are married but single, you must file separately: less than $100,000; minimum household income of $160,000. For married couples filing jointly, $200,000 or less
The Stimulus Check application period will close on July 31, 2022, and payments will be made in August. Each year, couples who are divorcing, living apart, or who are not married decide which parent will list the child as a dependent. However, if they alternate who files each year, both parents may be qualified for the child tax credit this year.
You might be obliged to reimburse the advance payments you received in 2021 because you declared your child as a dependent in 2020 if your co-parent plans to claim the full credit on their tax return.