As December comes to a midway point, the federal government is yet to announce releasing the fourth round of stimulus checks this year. Meanwhile, this week, the government will roll out the child tax credit payments. Are you among those who stand to get another check in your mailbox or account in the month of December? Here’s who qualifies for this payout.
Meanwhile, read our hacks on how to deal with post-pandemic personal finance here.
If you are married joint filers with income under $150,000 or are a single filer with income below $75,000, then you are part of the majority that stand to receive this stimulus check. According to the American Rescue Plan Act, the relief provided for Covid-19 not only provided $1,400 checks but also enhanced the current Child Tax Credit with the monthly distribution of this tax credit beginning in July.
This child tax credit in effect will work to render parents with a refundable tax credit of $3,000 for children from ages 6 to 17. Those with kids below 6 years get $3,600, which is $600 extra.
The stimulus checks backstory
Nearly half of this refundable tax credit amount was deposited in banks during the months of July, August, September, October and November this 2021. Parents who stand the highest chance must have gotten five checks in their accounts and will get the last check in the month of December.
The payments being credited monthly will conclude half the amount. The rest of the money will be given when the tax returns for 2021 are filed. Democrats have also been making plans to expand this credit till 2022 to aid their Build Back Better Legislation initiative. Hence you could even receive these checks next year.
Residents of selected states
People living in specific states can also get another check in the month of December. These states are Maryland, Maine, Florida and California.
- Low-income families in Maryland will get $300 and $500 stimulus checks. This package will also give people large tax refunds in the course of 3 years.
- Half a million residents in Maine will get $285 checks. This will include individuals who have a gross income lower than $1,50,000 for married filers and $75,000 for single filers.
- Educators and first responders in Florida who work with students of Pre-KG to 12th grade can get $1,000 payments each. This includes 175,000 teachers and 3,600 principals.
- Through the Golden State Stimulus II program, California residents will get $500 and $1,100. These checks will be for people who have an income below $75,000. They should have been residing in California for more than half of 2020 and still staying there.
If you are a resident of one of these states, you should see the rules for eligibility. Check if you are one of those receiving these stimulus checks in your bank accounts or mail during December 2021.