Is that free money I hear? Residents of North Carolina could receive a stimulus check this week. The check would arrive just in time for the holiday season. As a result of the Pandemic last year, there were a lot of stimulus checks. Fortunately, this year has also seen some stimulus bonuses. This week, $300 checks will be mailed to eligible families across the country, and one more payment will be made in December of 2021.
Who Qualifies for Advance Payments?
- To qualify for advance payments of the Child Tax Credit, you (and your spouse, if you filed a joint return) must have the following:
- Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return or
- Given the US Gov your information in 2020 to receive the Economic Impact Payment with the Non-Filers: Enter Payment Info Here tool or
- Given them your information in 2021 with the Non-Filer: Submit Your Information tool; and
- Lived in a main home in the United States for more than half the year (the 50 states and the District of Columbia) or filed a joint return with a spouse who has a main home in the United States for more than half the year; and
- A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and
- Made less than certain income limits.
In addition to increasing the amount people can claim for each child, the expanded federal Child Tax Credit is allowing the first half of the new credit to be paid directly to families during the last six months of 2021. This is a part of The American Rescue Plan signed into law by President Joe Biden back in March of 2021.
Here’s information on how much you’ll get if you’re eligible:
Child under 6: $300
Child 6 to 17: $250
On the IRS website, you can find information about income limitations. Although the Biden administration has expressed a desire to expand the Child Tax Credit, it is not yet clear if it will continue in 2022. You can read more on the policies here.