More Covid Cash Coming To Families
If you qualify, you could start to get a monthly payment from the IRS. As early as July, there is a new $3,000 tax credit, and that could be some good news for some American families. This is all part of the huge 1.9 Trillion Dollar American Rescue Plan signed into law by President Joe Biden back in March of this year.
This new law will provide families with a $3,000 annual benefit per child ages 6-17 years old. If you have a child under the age of 6, it jumps to 3,600 per year starting this year. At some point it the IRS is hopeful that they would be send these out as monthly payments of $300 per child.
To qualify you will need to have a gross income of less than $75,000 yearly, or $150,000 for a couple filing together. I believe that means that many Americans will qualify. The pay outs will continue until December of this year.
All that said it hasn't happened just yet, and the issue with getting it done will ultimately fall to the IRS. They have already been busy this year with all of the extended tax deadlines. Especially here in Texas, where we got an extra month, on top of the month.
If you didn't get a Economic Impact Payment this year, when you qualified, then this is the time to figure that out with your tax preparer. You can also follow the video above to take care of it yourself. Take advantage of all the stimulus packages owed to you, that's what they are their for.