The IRS is schedule to introduce the next stimulus check slated in summer will enable parents to receive up to $3,600 per child for 2021.
Part of President Joe Biden’s $1.9 trillion COVID relief package, the payments are designed to pay down debts and bills, rolling out on a monthly basis, starting from July to December in a total of seven payments.
Parents with children under the age of six years old are eligible for $3,600, however, parents with children between the ages of six and 17 years old are eligible for a $3,000 credit.
The parents with children under six years old will receive $300 per month in the summer of 2021, while parents of older children get a monthly installment for $250 per month, according to CBS News.
“We will launch by July 1 with the absolute best product we are able to put together,” Commissioner of the IRS, Charles Rettig, said.
Parents and their dependents will need to meet certain eligibility. A couple earning less than $150,000 or an individual making under $75,000, will not receive full payments but will still qualify for some support under the expansion of the child tax credit, according to Yahoo Finance.
The IRS is trying to return unclaimed income tax refunds worth more than $1.3 billion to taxpayers who never got around to filing a federal return for 2017, The Sun reported.
For those who have not received their stimulus checks and have not filed their federal returns since 2017, a collect tax refund worth more than 1.3 billion out there.
Due to the pandemic, the April 17 deadline to claim tax refunds has been extended to May 17.
If your household was already qualified for the $,1400 stimulus checks, you will receive half of the tax credit for now and will get the other half as refundable when you file your 2021 taxes.