Biden’s $3600 in Stimulus Money on the Way for Families with Children
As part of President Joe Biden's $1.9 trillion coronavirus relief, families with children who qualified for the $1400 stimulus checks, will soon be receiving another round of stimulus money thanks to the expanded child credit.
If your household received stimulus money in the latest round of coronavirus relief you will be receiving a minimum of $3000 and a maximum of $3600 per child before the year ends.
The IRS says the goal is to have the expanded child credit checks go out to Americans starting in July of this year.
Who qualifies for the expanded child credit?
Households with couples earning less than $150,000 or an individual making under $75,000, you'll receive a $250 monthly payment for each child between the ages 6 and 17. For children under 6, you'll receive $300 per month.
How will the payments be dispersed?
The IRS claims payments will be monthly starting in July and ending in December. The IRS has expressed concern about getting the payments out starting in July. Since the agency has extended the tax deadline and due to the strain of a pandemic the July date for the first payments may be pushed back.
According to IRS Commissioner Charles Rettig, the monthly payments being sent out July through December will account for the first half of the expanded child credit. The other half will be refunded when you file your 2021 taxes next year.
The child tax credit in 2020 was $2000. In 2021 the credit expansion will be $3600. This of course is good news for households with children.
With more and more Americans becoming vaccinated for COVID-19, it is very likely that this will be the last of any type of coronavirus relief money for Americans.