$300 Child Tax Stimulus Could Become Permanent
If you have children, the next round of stimulus payments of $250 to $300 per child could become a monthly payment.
During the pandemic the stimulus checks helped many families get by during a time of job cuts and layoffs and help keep money running into the economy.
According to MLive, on July 15, nearly all working families will start seeing the child tax credit of $250 to $300 popping into their bank accounts or checks being delivered to your home. These checks will come each month until the end of the year for a total of $3,000 or $3,600 depending on the age of your children. 6 and older $3,000 and $3,600 for those under 6.
To qualify for these payments couples have to be making less than $150,000 or single parent making less than $112,000. If you make above these income rates the amount you will receive will be much less per child.
When you filed your taxes for the past two years and if you used the IRS's Non-filer tool your payment should shoot right to your bank account.
If you did not use the IRS Non-filers tool when doing your taxes you can still sign up for the child tax credit here.
If you are in a single parent situation like me, where one year my son's mom claims our son, then the next year I claim my son on my taxes. The credit will go to the parent who was allowed to claim the child on last year's taxes.
The new Child Tax Credit is only for the year 2021 but President Joe Biden is hoping to make the payment made permanent which would be huge for all families with children.