THIRD STIMULUS CHECK

[Old55]

Our first child direct deposit should take place in July. $250.00 a month through the year end.

[OnMyWay]

17 hours ago, Old55 said:

Our first child direct deposit should take place in July. $250.00 a month through the year end.

Not to pry, but that seems on the small side.  How many people are getting SS on your account?  I will send you a PM.

Sorry, my mistake.  Old was talking about the Advance Child Tax Credit and I thought he was talking about SS.

Edited May 21, 2021 by OnMyWay
Brain Fog

[scott h]

2 hours ago, OnMyWay said:

How many people are getting SS on your account?

You mean Social Security?, Me

[OnMyWay]

5 hours ago, scott h said:

You mean Social Security?, Me

I was asking Old55

 

 

Edited May 21, 2021 by OnMyWay
High Blood Pressure

[Old55]

We got a letter from IRS informing us we will receive a $250 monthly check for my son in High School.  This is an advice on the updated increased child tax credit. I thought it would apply for all American citizens so I posted that update. Just now I read the actual IRS portal statement shown below. You must have your main home in the USA.

From IRS. Bold is my doing.

There have been important changes to the Child Tax Credit that will help many families receive advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only.

The expanded credit means:

• The credit amounts will increase for many taxpayers.
• The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don't have earned income or don't owe any income taxes.
• The credit will include children who turn age 17 in 2021.
• Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return.

For tax year 2021, families claiming the CTC will receive up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021. They will receive $3,600 per qualifying child under age 6 at the end of 2021. Under the prior law, the amount of the CTC was up to $2,000 per qualifying child under the age of 17 at the end of the year.

The increased amounts are reduced (phased out), for incomes over $150,000 for married taxpayers filing a joint return and qualifying widows or widowers, $112,500 for heads of household, and $75,000 for all other taxpayers.

Advance payments of the 2021 Child Tax Credit will be made regularly from July through December to eligible taxpayers who have a main home in the United States for more than half the year. The total of the advance payments will be up to 50 percent of the Child Tax Credit. Advance payments will be estimated from information included in eligible taxpayers' 2020 tax returns (or their 2019 returns if the 2020 returns are not filed and processed yet).

The IRS urges people with children to file their 2020 tax returns as soon as possible to make sure they're eligible for the appropriate amount of the CTC as well as any other tax credits they're eligible for, including the Earned Income Tax Credit (EITC). Filing electronically with direct deposit also can speed refunds and future advance CTC payments.

Eligible taxpayers do not need to take any action now other than to file their 2020 tax return if they have not done so.

Eligible taxpayers who do not want to receive advance payment of the 2021 Child Tax Credit will have the opportunity to decline receiving advance payments. Taxpayers will also have the opportunity to update information about changes in their income, filing status or the number of qualifying children. More details on how to take these steps will be announced soon.

The IRS also urges community groups, non-profits, associations, education groups and anyone else with connections to people with children to share this critical information about the CTC. The IRS will be providing additional materials and information that can be easily shared by social media, email and other methods.

The IRS will provide more information about advance payments soon.

 

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

 

Edited May 21, 2021 by Old55

[OnMyWay]

1 hour ago, Old55 said:

Advance payments of the 2021 Child Tax Credit will be made regularly from July through December to eligible taxpayers who have a main home in the United States for more than half the year.

Thanks for posting!  That appears to be a new rule that I did not see a few months ago.

Overseas residents will not get the advance credit payments but still get the full credits when filing 2021 taxes.

[earthdome]

On 4/19/2021 at 6:04 AM, gerrysanders said:

Somewhere, and I can't remember where, I read If you receive stimulas you weren't supposed to get, you don't have to pay it back.

Maybe there is truth to that???

Somehow the US government decided I needed extra stimulus. Maybe from reviewing my internet searches. I suppose that isn't unusual at my age.