Stimulus Check Update- The Big Child Tax Credit

stimulus check
stimulus check

One of the most important aspects of the stimulus check as a part of President Biden’s American Rescue Plan Act was the elevation of the Child Tax Credit. For the uninformed, this was a payment made in the form of a tax refund which was devised to alleviate childcare costs. Before the ARPA came into existence, the credit stood at a little over $2000 for every child every year. After this, Congress decided to increase it to $3000 for every child under the age of seventeen and above six. 

The Stimulus Check And Biden’s Big Child Tax Credit

Interestingly, the American Rescue Plan also has a clever little mechanism that allows the payment to be made before its due date. The stimulus check which is sent by the IRS can be divided in half in the form of monthly checks that would be sent out from the months of July to December. The other part of the payment would make its way as a tax rebate in April of 2022.

This means that close to 88% of the families in the country would be receiving their monthly payment from this credit which begins on the 15th of July. Yet, there is a promise for a provision where any parent preferring to get their funds at one go will be swiftly meted out. 

Currently, the IRS has put forward the notion that it is going to create a couple of online portals which would help people with their queries regarding the stimulus check. The other portal would be strictly for those parents who aren’t in the habit of filing federal taxes. Both the portals will be available to the target audience. Also, one can use these portals to contact the IRS regarding any changes in their filing status- or even track their stimulus check.

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