New Updates On The Stimulus Check: IRS Issues New Guidelines To Claim Payment This Year

Stimulus Check
Stimulus Check

The IRS has issued fresh guidelines to claim stimulus checks from the package announced in 2021. These guidelines refer specifically to the enhanced CTC payments.

The CTC payments are contained in the American Rescue Plan proposed by the Biden Administration. It raised the prevailing stimulus check of $2,000 by $1,600 for children below 5 years and $3,000 in total for children between the age of 6 and 17.

50% of the amount to be credited, which comes to either $1,500 or $1,800, is payable in equal monthly stimulus checks of $250 or $300. It was paid between July and December last year. The remainder will be a claim against the 2021 tax returns to be filed before April 18 this year.

Families are eligible for several significant tax credits and the IRS doesn’t want that anyone should miss the Child & Dependent Care Credit, Chuck Rettig, its commissioner said.

Chuck Rettig added that the IRS encourages families who meet the requirements for this child credit to cautiously consider the applicable criteria and ensure they get the maximum stimulus check that they are entitled to.

The IRS commissioner also encouraged tax professionals and other people in authority to share such information with everybody.

Rules To Claim The Balance Stimulus Check Against The CTC

Most parents have received 50% of the CTC stimulus check through the monthly payment system. The guidance from the IRS relates to children who haven’t crossed 18 by January 1 of this year. They should not be related to a taxpayer.

Further, rules include the one that says that the child should not provide over 50% of their support in 2021. Further, the child should also have lived with the filer for over 6 months in 2021. Taxpayers also have to claim that the child is a dependent. Finally, the child should be a citizen of the US or a resident alien.

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