The IRS has been issuing new guidance that relates to the claiming of stimulus check money from the stimulus package of last year. This would also be directed towards funds taken from the expanded Child Tax Credit.
The CTC payments, which have been a major part of the American Rescue Plan under the Biden administration, has done well to raise the range of existing credit from a sum of $2,000 to $3,600 per child for ages 5, and up to $3,000 for children between the ages of 6-17. Half of this credit was payable in monthly installments of around $300 per child that worked between July and December of 2021. The remainder will see itself being claimed when the taxes of 2021 was filed in 2022.
Stimulus Check Guidelines Issued By IRS
Chuck Rettig, the IRS Commissioner, went on to say that there are several important tax credits readily available for the families, but they wouldn’t want to overlook the Child and Dependent Care Credit. The Commissioner also commented that they would be encouraging families who would be qualifying for the stimulus check payments to carefully go through the criteria in order to make sure that they get the maximum amount that they are credited with.
The reports from the IRS have confirmed that most parents went on to receive half of their expanded CTC Stimulus check through monthly payments. But the remainder should have ideally been claimed when filing for taxes.
According to the guidelines put forward by the IRS, individuals who would be considered as a qualifying child under the stimulus check payment should not be above the age of 18 on the 1st of January, 2022. They also need to be either the taxpayer’s son or some immediate relative.