Starting in July, working families will be able to receive up to $3,600 per child for 2021 thanks to the next rollout of President Joe Biden’s $1.9 trillion COVID relief package, which aims to help those who are financially struggling to sustain their lives and maintain their families amidst the onslaught of the pandemic.
Just like the several IRS payments many Americans have received throughout the past year in order to help them stay afloat, the latest form of stimulus check coming to America’s homes plans to be distributed this summer and to help families with things like “expenses, debt, savings — or even investing,” according to Yahoo! Finance’s coverage of the future payments.
As per the outlet, “Every household with children that qualified for the latest, $1,400 stimulus check is set to receive the money via the expanded child credit.” As they explained, families headed by couples making less than $150,000 annually or an individual head of household earning less than $75,000 are expected to receive $250 per child for children 6-17 living in their home and $300 per child for any youth younger than six from July to December of this year.
“In total,” the outlet explained, “depending on how old your kids are, you’ll receive either $3,000 or $3,600 for this year. The monthly payments will account for the first half, while the other half will be refundable next year when you file your taxes for 2021… This temporary change to the credit provides families with up to $1,600 more per child that can be used however [they] like.”
If you’re having a child this year and are wondering if the government will provide financial support for the newest member of your family, you’re in luck too. According to the report, parents have the ability to go online and update their family’s size and information through a new portal the IRS plans to set up that will allow parents to keep the government up to date within regards to the size of their household. Keep in mind though, Yahoo! Finance reports that, “If you don’t give the IRS an update through the portal, you’ll have to wait until you file your 2021 taxes to claim the $3,600 credit for your family newcomer.”
To read more on all the ins and outs of the new wave of monthly stimulus payments on the way to support families, see the outlet’s full report here.