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Economics

IRS to Issue Families Monthly Stimulus Checks, $3,600 Each Child

The IRS will introduce the next stimulus check, by this summer, to allow parents to receive up to $3,600 per child for 2021, Black Enterprise reported.

This is part of President Joe Biden’s $1.9 trillion COVID relief package, to assist parents with paying down debts and bills; the money will be doled out on a monthly basis, beginning from July to December in a total of seven payments.

Parents with children under the age of six years old are eligible for $3,600; parents with children between the ages of six and 17 years old are eligible for a $3,000 credit.

“We will launch by July 1 with the absolute best product we are able to put together,” Commissioner of the IRS, Charles Rettig, said in the article.

Parents and their dependents will need to meet specific eligibility. A couple earning less than $150,000 or an individual making under $75,000, will not receive full payments but will can qualify for some support under the expansion of the child tax credit, according to Yahoo Finance.

Because of the pandemic, the April 17 deadline to claim tax refunds has been extended to May 17.

If your household qualified for the $,1400 stimulus checks, recipients will receive half of the tax credit for now and will receive the other half as refundable when their file your 2021 taxes.

Read the full story here.

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