While Americans wait for the fourth round of stimulus checks, some households may be entitled to receive up to $3,600 in tax relief once they file their taxes in 2022. President Joe Biden signed the expanded federal Child Tax Credit into law on March 20, 2021, and it will go into operation on July 1, 2021.
Under the expanded child tax credit initiative, payouts totaling $1,500 or $1,800 were provided to American households. A few families, on the other hand, either was unable to get payments or refused to accept them. Individuals who qualified for the increased child tax credit but did not receive a payment the previous year will be able to claim their money when they file their taxes for the present year.
Families With Kids Are Expected To Receive $3,600
According to the Local 12 newspaper, households with kids under the age of 6 are expected to receive $3,600, while families with children from 6 to 17 are expected to receive $3,000.
Single parents earning less than $112,500 each year or married couples filing jointly earning less than $150,000 per year, whichever one is lower, are eligible for the increased child tax credit. Based on their situations, families with greater salaries may receive lower credit or could be disqualified to receive the money at all.
The expanded child tax credit funds come on the one-year anniversary of the American Rescue Plan, which gave money directly of up to $1,400 to each person for the first time on March 11.
Considering the fact that the US has exceeded the 960,000 COVID-19 fatality milestone and recorded 79.5 million cases, Congress has given no indication that it plans to authorize the next round of stimulus checks.
Several states have gone ahead and issued their own another round of stimulus checks, while others are exploring it. Republican Sen. Mitt Romney of Utah, for example, is pressing to reinstate the enhanced child tax credits, which were originally removed in a measure passed in 2021 but were later reinstated.
According to the proposed law, people with kids aged 5 and under will collect $350, and people with kids aged 6 to 17 will receive $250.
Those who collect payment from the expanded child tax credit, on the other hand, would have to meet certain employment requirements.
The idea dubbed the “Family Security Act,” has yet to be introduced in Congress, according to Romney’s office. The agreement’s terms are now being negotiated as well.