Stimulus Check has seen its rise like a meteor. There have been several proposals made to the government.
Petitions have been launched and letters have been produced. Some of the politicians too questioned the need for another round of checks. Joe Biden announced a series of monetary assistance based on the eligibility of the residents.
Most of the people benefitted largely from the initiative. The money received from the check was mostly used up to meet the essential needs of the households.
However, after the initial three checks, no further announcements have been made. One of the main concerns for the residents is the Omicron scare. Recent data have shown alarming spikes in the infection level.
The number of infected people has shot up drastically. Death tolls are also on the rise. The Health Department has reinforced the use of strict covid protocols.
Masks have also been made compulsory. This has led the citizens to vociferously demand a further monetary announcement. Many politicians have also joined in support of the common people.
The stimulus check came in three installments. The last of the installments were being rolled out recently by the IRS. The $1400 check seems to be the last check planned by the federal government.
Unfortunately, some of the families might have to return their Child Tax Credit money to the IRS. Let us learn more details about the story below.
Stimulus Check: Why Are CTC Payments Seized?
The Child Tax Credit money was provided to families having children under the age of eighteen years.
Kids under seven years would receive a monthly payment of $300 while children up to seventeen years received $250 per month. This money was provided to people who had an annual income under $75000.
The ceiling in case of joint filers was $150000. A recent report from the IRS has created confusion. They are demanding the CTC stimulus checks back from certain families.
Stimulus checks were provided only to financially backward families. Some families failed to opt out of federal assistance despite a significant improvement in their annual income.
Thus, the IRS will be seizing the money provided to them. Another set of families that owe the federal government money will have their checks seized.
Apart from these two groups, all other eligible families need not worry. They can enjoy their share of the CTC payment as usual.