HomeWorld NewsNew $3,600 stimulus payments being sent NEXT MONTH – check if you will get the huge cash payment
New $3,600 stimulus payments being sent NEXT MONTH – check if you will get the huge cash payment
NEW $3,600 stimulus payments will start being sent out to Americans next month – check if you're set to get the next chunk of cash.
The IRS, Treasury Department, and Bureau of the Fiscal Service are still issuing relief payments to Americans following the signing of the $1.9 trillion American Rescue Plan in March.
The Covid relief package has increased the maximum Child Tax Credit to $3,600 for children under the age of 6 and to $3,000 per child for children aged between age 6 and 17.
The first round of checks will be sent out by the IRS on July 15 – but it's not the only date people will receive money.
This new payment is recurring – households who qualify for the money will get a check every month until the end of the year.
Americans will receive up to $3,600 in the next round of payments.
Parents with children under 6 will receive payments of $300 per month for each child, while families with children aged between 6 and 17 will receive $250 each month.
The payments are capped at $3,600 for children under 6 – and $3,000 for people aged 6 and over.
Americans who make less than $75,000 as individuals and $150,000 for married couples filing jointly will be eligible for the full amount.
Most people won't need to do anything to start receiving the payments.
"Roughly 39 million households – covering 88 percent of children in the United States – are slated to begin receiving monthly payments without any further action required," the IRS said in a statement.
"While most taxpayers will not be required to take any action to receive their payments, Treasury and the IRS will continue outreach efforts with partner organizations over the coming months to make more families aware of their eligibility."
There have been a total of 3.9 million payments issued in May and 167 million since President Joe Biden signed the bill.
They amount to a total value of $391 billion.
And another batch of $1,400 stimulus checks and bonus payments are on the way, with a further 1.8 million third relief payments issued by the IRS last week.
As with previous batches of the relief payments, this round of third stimulus checks includes some "plus-up" payments for Americans who did not receive the correct amount they were eligible for when they first received the cash.
The relief payment first issued by the IRS may have been based on information for their 2019 tax return if they had not yet filed for 2020.