A false report from The Sun newspaper in the US claimed that a $7,000 stimulus from the IRS would hit accounts this week on August 19. These reports are not true, and similar false reports have come from other websites. So, where did the $7,000 amount come from?
Actually, the amount depends on the size of your household and the number of eligible dependents by age. Some families could receive this amount as a stimulus payment. The recent stimulus checks issued were $1,400 per person earning less than $75,000 annually (if filing alone) or less than $150,000 (if both spouses were filing jointly). It also included children younger than 6 years old, which means that if you had 2-3 children and both you and your spouse qualified, you could receive about $7,000 in stimulus money.
What’s coming next
The recent stimulus payment that was distributed a few months ago will probably be the last one. Recent reports have suggested that the job market is full of available openings, raising the possibility that the government could avoid the next round of stimulus payments. Although the economic recovery is still underway and not complete, the strong labor market makes the need for the next stimulus payment less likely. The recent passing of the trillion-dollar infrastructure plan also makes it less likely that the government will spend for the next stimulus payment.
Here’s what’s coming
Monthly payments for the child tax credit have begun, and the second installment was deposited on August 13. Eligible families can receive up to $300 per child under the age of 6 if they meet income-related qualifications. If you haven’t registered yet, you still have time to do so. You’ll get these payments regardless of whether you file taxes or regularly file. The child tax credit for 2021 is part of the stimulus bill that passed in March, meaning you won’t have to pay it back and you won’t have to worry about taxes on this money.
FAQs
Q.What is the current child tax credit payment?
A.Eligible families are receiving $300 per child under 6 years old through monthly payments, which began in August 2021.
Q.Will there be another round of stimulus payments?
A.It is unlikely, as the job market is strong, and the government has other spending priorities, like infrastructure projects.
Q.What is the latest stimulus payment?
A.The most recent stimulus payment was $1,400 per person for those who met the income requirements, not $7,000.