Certain families may be eligible for up to $3,600 in relief payments when they file their taxes this year, as households across the United States await the fourth wave of stimulus cheques.
President Joe Biden signed the enhanced federal Child Tax Credit into law in March 2021, fulfilling one of the requirements specified in the American Rescue Plan. American households received payments of either $1,500 or $1,800 under the enhanced child tax credit. However, some families were unable or unwilling to receive those funds.
Families who qualified for the enhanced child tax credit but did not receive it can claim it when they submit their taxes this year. According to Local 12, families with children under the age of six would receive $3,600, while those with children between the ages of six and seventeen will receive $3,000, according to the union.
The enhanced child tax credit is available to single parents earning less than $112,500 per year or married couples filing jointly earning less than $150,000 per year. Higher-income families may receive a lower credit or may be ineligible for the funds.
The extended child tax credit announcement comes as the American Rescue Plan, which provided direct payments of up to $1,400 per person, celebrated its one-year anniversary on March 11. Congress has made no indication that it intends to approve another round of stimulus checks since then, despite the fact that the United States has surpassed 960,000 COVID-19 deaths and 79.5 million cases.
Several states have initiated their own round of stimulus checks. In Utah, Republican Sen. Mitt Romney, for example, is proposing to reinstate increased child tax credits akin to those enacted in 2021. Families with children aged 5 and under will receive $350, while those with children aged 6 to 17 would receive $250.
Sanctions Against Russia Have the Potential to Calm China’s Taiwan Ambitions
Those who receive the enhanced child tax credit, however, would be required to meet certain employment conditions.
Romney’s office confirmed that the idea dubbed the “Family Security Act,” has not yet been introduced formally. Additionally, the terms are now being negotiated.
- The Internal Revenue Service (IRS) Promised A “All Hands on Deck” Effort to Get Millions of Delayed Taxpayer Refunds to Americans by the End of the Year.
- Update on the Stimulus: the IRS Has Issued New Instructions on Claiming Payments in 2022.
- Is Your Refund Being Delayed? Here’s Everything You Need to Know About