Thanks to Joe Biden, the IRS Could Send Your a 'Stimulus Check' July 15

June 17, 2021 Topic: Child Tax Credit Blog Brand: The Reboot Tags: Child Tax CreditStimulusStimulus Payment

Thanks to Joe Biden, the IRS Could Send Your a 'Stimulus Check' July 15

The IRS and Treasury Department launched an online tool on Monday for low-income families who qualify for the child tax credit from President Joe Biden’s coronavirus relief bill.

Here's What You Need to Remember: Similar to the qualifications for the stimulus checks from Biden’s relief bill, individuals earning up to $75,000 are eligible for the full enhanced credit amount, as well as joint filers making up to $150,000 and heads of households earning up to $112,500. The amount will then drop by $50 for each $1,000 in income above these caps.

The IRS and Treasury Department launched an online tool on Monday for low-income families who qualify for the child tax credit from President Joe Biden’s coronavirus relief bill.

The new portal is for families who did not file a tax return in 2019 or 2020 because they don’t make enough income to file.

Agency officials also noted that the portal can help those who did not receive but are eligible for the three rounds of stimulus payments from pandemic-related legislation. 

The IRS will send out the first child tax credit payment on July 15, which is expected to hit the pockets of nearly 36 million American families

“At Treasury, our goal is to make sure that every American can get the relief funding they need as simply as possible,” Treasury Secretary Janet Yellen said in a statement. “We know working families can't put off paying for doctor's visits or grocery bills, and this new tool will help more people get their tax credit every month, starting in July.”

The non-filers tool asks users to register with their name, address and Social Security numbers, and the IRS will automatically determine their eligibility based on that information. No further action is needed to receive the child tax credit. 

The agency also noted that most credits will be issued by direct deposit, while some of the relief will be sent out by paper check or prepaid debit card.

Biden’s $1.9 trillion American Rescue Plan boosted the child tax credit from $2,000 to $3,000 and allowed parents with children under the age of 6 to qualify for $3,600. The measure also permits parents of children at the age of 17 to be eligible for the credit.

Rather than receiving the money as a lump-sum, parents with children under the age of 6 will get $300 monthly payments per child from July through December, and those with children between the ages of 6 and 17 will receive $250 payments per child.

Similar to the qualifications for the stimulus checks from Biden’s relief bill, individuals earning up to $75,000 are eligible for the full enhanced credit amount, as well as joint filers making up to $150,000 and heads of households earning up to $112,500. The amount will then drop by $50 for each $1,000 in income above these caps.

The payments will be distributed monthly, starting on July 15, followed by August 13, September 15, October 15, November 15 and December 15.

Rachel Bucchino is a reporter at the National Interest. Her work has appeared in The Washington Post, U.S. News & World Report and The Hill. This article first appeared earlier this year.

Image: Reuters.