The third stimulus check, known as a “plus-up” stimulus check, is owed to some Americans. According to The Sun, you may be eligible for additional funds if your earnings drop significantly between 2019 and 2020. The Plus-Up Payments will be made up to and including the end of the fiscal year on December 31, 2021. You must file your 2020 tax return as soon as possible if you want to be eligible for this payment.
The Child Tax Credit
When the IRS receives a tax return for 2020, it typically processes plus-up payments within two weeks of receipt. For those who are eligible but have not yet received their stimulus payment, the Internal Revenue Service offers an online payment tracking system. According to Forbes, plus-up payments can be obtained in two different ways: Directly from the Internal Revenue Service (IRS) or as a paper check mailed to your registered mailing address.
The total amount of advance Child Tax Credit payments received in 2021, and the number of qualifying children used to calculate the advance payments will be included in IRS Letter 6419, which will be sent in January 2022 to all eligible recipients. Taxpayers should keep a copy of all correspondence from the Internal Revenue Service (IRS) regarding the advance payment of the Child Tax Credit on file, as per IRS.
Build Back Better
The stimulus money provided by the American Rescue Plan was one of its most popular features. When President Joe Biden signed the legislation in March, the majority of Americans received payments totaling $1,400. The federal Child Tax Credit program has been expanded, and the first half of the expanded credit was distributed to families in the form of monthly payments for the first two years of the program.
The $1.75 trillion Build Back Better Act of President Biden was passed by the House of Representatives on November 19. Under this legislation, those payments would continue until 2022. In addition, the tax credit is intended to be permanently refundable. Families would have access to the funds regardless of whether they file taxes or not. However, Sen. Joe Manchin of West Virginia has announced that he will not vote for President Joe Biden’s Build Back Better Act, which would have extended the child tax credit payments to millions of families, as per NBC News.
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