Fourth stimulus check 2021 latest – New checks being sent July 15 (2024)

28th Jun 2021, 17:01By Cybele Mayes-Osterman

MORE 'PLUS-UP' PAYMENTS SET FOR RELEASE

The IRS is expected to announce that it has issued more third stimulus checks, as well as"plus-up" paymentsto those who did not initially receive the full amount.

It is issued payments based on 2019 tax returns if a person had not yet filed for 2020, according toYahoo Finance.

The"plus-up" paymentsare being issued to those who then filed a 2020 tax return that confirmed they were eligible for more money under Joe Biden's American Rescue Plan.

28th Jun 2021, 16:30By Cybele Mayes-Osterman

TAXPAYERS NEED TO OPT OUT OF CTC PAYMENTS

With stimulus payments, eligible Americans didn't have to repay the IRS if they received more funds than were meant to.

Butthat isn't the case for CTC payments, however.

"If you are getting money and don't qualify, you need to opt-out of it," Mark Steber, Jackson Hewitt's chief tax information officer told CBS. "You will have to pay that money back."

Last week, the IRS also raised the overpayment issue, writing on its website: "If you receive a total amount of advance Child Tax Credit payments that exceed the amount of Child Tax Credit that you can properly claim on your 2021 tax year, you may need to repay to the IRS some or all of that excess payment."

28th Jun 2021, 16:01By Cybele Mayes-Osterman

STIMULUS BILL INCLUDES FREE PRE-SCHOOL

The president’s American Families Plan includes plans to provide free, universal pre-school for three to four-year-olds, free community college for two years, and free school meals to children from low-income households.

The White House claims that the scheme will benefit 65million kids and could lift over 4million children out of poverty.

It's expected the plan will be paid for byhiking taxes for the US' top one percent of earners, in keeping with the president’s vow not to raise taxes on those making less than $400,000 a year.

28th Jun 2021, 15:32By Cybele Mayes-Osterman

HOMEOWNERS TO GET $300 IN CASH

Around 39million homeowners will get up to $300 a month for every child under the age of six as part of the American Families Plan.

Familieswill receive a payment of $300 per month for each child under the age of six and $250 per month for kids between six and 17.

There will be six checks issued this year while the remaining amount will be claimed when Americans file their 2022 tax returns.

Americans that filed their tax returns by theMay 17 deadlinewill not have to take action as payments will be made automatically.

28th Jun 2021, 15:01By Cybele Mayes-Osterman

IS YOUR STIMULUS PAYMENT DELAYED?

The IRS is experiencing delays after the agency was forced to run at restricted capacity in 2020, straining its processing andstimulus checkrollout.

The IRS is currently processing mail, tax returns, payments, refunds and correspondence with very limited resources and is trying to issue refunds in less than three weeks,CNETreported.

Mailed paper tax returns and manual processing could take longer as 2020 tax returns may need more review to determine therecovery rebate creditamount, additional child tax credit, or address any errors.

28th Jun 2021, 14:30By Cybele Mayes-Osterman

SOME AMERICANS ELIGIBLE FOR $500 UBI

Places from Compton, California, to Richmond, Virginia, are trying out guaranteed income programs, as researchers hope to get a fuller picture of what happens when a range of people are sent payments that guarantee a basic living, AP reported.

A pilot program funded by private donations sees 100 county residents making less than $46,900 annually getting a boost of $500 a month for a year.

The income threshold was based on 80% of the county’s average median income, meaning it includes both the poor and a slice of the middle class — people who face financial stress but might not ordinarily qualify for government aid based on income.

28th Jun 2021, 14:01By Cybele Mayes-Osterman

BIDEN EXTENDED CHILD TAX CREDIT

The recently expanded Child Tax Credit means that most families with children in the UScan expect the checks for the rest of 2021.

The Child Tax Credit used to be capped at $2,000 for most families, however,Biden's administration expanded it for the year in an effort to pump money into the economy amid the ongoing pandemic.

The expanded amount allots $3,600 per child for children under six, and $3,000 per child for kids ages six to 17.

28th Jun 2021, 13:33By Cybele Mayes-Osterman

BIDEN 'OPEN' TO MORE STIMULUS

White House Press Secretary Jen Psaki hinted Biden could be persuaded to release a fourth round of checks.

"He’s happy to hear from a range of ideas on what would be most effective and what's most important to the economy moving forward," she said.

"But he’s also proposed what he thinks is going to be the most effective for the short term, for putting people back to work, to getting through this pivotal period of time, and also making us more competitive over the long term."

28th Jun 2021, 13:00By Niamh Cavanagh

STIMULUS PAYMENTS TO BE DEPOSITED INTO BANK ACCOUNTS AUTOMATICALLY NEXT MONTH

New stimulus payments of up to $300 per month will begin to hit bank accounts in July.

The recently expanded Child Tax Credit means that most families with children in the UScan expect the checks for the rest of 2021.

The Child Tax Credit used to be capped at $2,000 for most families, however,Joe Biden's administration expanded it for the year in an effort to pump money into the economy amid the ongoing pandemic.

The expanded amount allots $3,600 per child for children under six, and $3,000 per child for kids aged six to 17.

The payments will be made in $300 or $250 installments for eligible families beginning on July 15 and continuing on the 15th of every month for the rest of the year.

28th Jun 2021, 12:00By Niamh Cavanagh

SUZE ORMAN WARNS PARENTS NOT TO SPEND TAX CREDITS STRAIGHT AWAY

Money expert Suze Orman has warned parents not to spend child tax credits straight away - and explained how to make the most of them.

Theboosted child tax creditsare worth up to $3,600 per child but will be issued as monthly payments from July 15.

Eligible families will then receive checks of between $250 to $300 until mid-December, and the second half will land in bank accounts next year.

Writing onher blog, Mrs Orman warned households that the cash will be "a waste" if you don't have a plan for using it.

She said: "If you don’t commit to specific uses now, you and I both know what’s going to happen: The money will just get spent—likely on wants, not needs.

"What a waste that would be."

28th Jun 2021, 11:01By Niamh Cavanagh

PARENTS WITH NEWBORNS TO RECEIVE EXTRA CASH

Families with newborn babies will qualify for payments worth up to $3,600, according toCNET.

Households with adopted babies can also receive the checks providing they are US citizens.

The amountwill be capped at $3,600 and is dependent on household income.

Families who are expecting a baby to arrive this year can also claim the child tax credit cash.

28th Jun 2021, 11:00By Niamh Cavanagh

FED CHAIRMAN FEARS MORE STIMULUS COULD ACCELERATE INFLATION

One of the major fears over additional stimulus checks is inflation.

Testifying in a hearing before a US House of Representatives panel last week, Federal Reserve Chair Jerome Powell said that inflation had already increased “notably”.

Economists have raised another concern that if the private sector cannot pick up the economic burden from the government then upcoming quarters will see a subtraction in economic growth, the New York Times reported.

28th Jun 2021, 10:01By Niamh Cavanagh

BONUS PAYMENTS GOING OUT TO MILLIONS OF TAXPAYERS

It’s reported that 1.1million plus-up payments, worth more than $2.5billion, have been sent as part of the latest package, according toCBS.

TheIRS has statedthat these supplemental funds are "for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns".

Americans may receive aplus-up paymentif their income dropped last year compared to 2019 or if a dependent has been added to their tax return.

It’s reported that more than eight million plus-up payments have been sent in total.

28th Jun 2021, 09:00By Niamh Cavanagh

WHICH STATES ARE CUTTING OFF UNEMPLOYMENT?

Around 4million people will no longer receive the additional unemploymentmoneyas 25 states ended their participation in the federal pandemic program.

Alaska,Iowa,Mississippi, andMissouriended the $300-a-week benefit program on June 12.

On June 19, residents living inAlabama,Idaho,Indiana,Nebraska, New Hampshire,North Dakota,West Virginia, andWyomingwill lose these payments.

The cutoff date inArkansas,Florida,Georgia,Ohio,South Carolina,South Dakota,Texas, andUtahis June 26.

InMontanaandOklahomaresidents will lose their unemployment benefits end on June 27.

The payments will stop on July 3 inMarylandandTennesseeand on July 10 inArizona.

28th Jun 2021, 08:01By Niamh Cavanagh

WHAT TO LOOK FOR IF YOU'RE DUE CASH FROM THE IRS

A letter from the IRS could be confirming that your family qualifies for the monthly child tax credit based on your 2019 or 2020 federal income tax return.

If you did not file, you can still update your information on thenonfilers tooland be eligible.

A second letter from the IRS will confirm your eligibility and estimate how your child tax credit payments will be based on the ages of the children in the family.

The IRS has also launched online portals to help families determine if they are eligible for the child tax credit.

28th Jun 2021, 07:01By Niamh Cavanagh

PETITION FOR MORE STIMULUS GAINS SIGNATURES

Apetitionstarted byColoradorestaurant owner Stephanie Bonin and first posted on Change.org last year calls for monthly stimulus checks worth up to $2,000.

It reads: "I'm calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis.

"Otherwise, laid-off workers, furloughed workers, the self-employed, and workers dealing with reduced hours will struggle to pay their rent or put food on the table."

She urges lawmakers to targetchecksat Americans who are struggling to pay debts such as rent and childcare.

28th Jun 2021, 06:01By Niamh Cavanagh

ARE YOU ELIGIBLE FOR 'PLUS-UP' PAYMENTS?

The latest round of stimulus is part of Joe Biden's plan to deliver $1,400 to each eligible adult and child under the American Rescue Plan during the Covid pandemic.

Some of the payments include "plus-up" adjustments for those who were underpaid in previous checks.

On June 9, the IRS said it had now distributed more than 169m payments worth $395 BILLION with the latest round totalling $4.2bn.

28th Jun 2021, 05:01By Niamh Cavanagh

JEN PSAKI TALKS CTC BENEFITS

During a recent press conference, White House Press Secretary Jen Psaki mooted the potential benefits if the scheme was rolled out indefinitely.

She said, “if it could be passed, the families of tens of millions of children will continue to get regular payments.”

28th Jun 2021, 04:02By Niamh Cavanagh

EXPLANSION OF CTC COULD LIFT MORE THAN 4MILLION CHILDREN OUT OF POVERTY

It comes after a new report from the Annie E. Casey Foundation suggested the permanent expansion of the child tax credit has the potential to lift more than four million children out of poverty.

Thelatest datafrom the U.S. Census Bureau show that about thirty-four million people live in poverty in the United States.

“Every child needs food, health care and safe and stable housing,” the group writes.

“Millions of households with children already lacked these necessities before the pandemic, and this economic and public health catastrophe has brought millions more face-to-face with challenges.”

28th Jun 2021, 03:00By Niamh Cavanagh

NUMBER OF CHECKS DISTRIBUTED AS OF JUNE 9

As of June 9, the IRS has distributed over 169million payments – totaling $395billion.

On Thursday, the IRSconfirmed that it issued 161.9million payments in the first round of stimulus, 146.5million payments in the second round and then so far they’veissued 169million payments in round three- totaling $395billion.

28th Jun 2021, 02:00By Niamh Cavanagh

CONSIDERATIONS FOR THIRD STIMULUS CHECK

A person’s age, citizenship and tax status as well as total income earned, if you have any eligible kids.

Much of these details are determined in the tax returns, according toCNET.

28th Jun 2021, 01:02By Niamh Cavanagh

PETITION FOR MORE STIMULUS CHECKS SURPASSES 2MILLION SIGNATURES

A petitioncalling for recurring payments worth up to $2,000 has reached over 2.3million signatures.

The IRS’ latest batch of checks was sent out on June 9 and it’s estimated that 170million payments have been deposited since March.

27th Jun 2021, 00:00By Niamh Cavanagh

HOW TO TRACK STIMULUS CHECKS

To keep an eye on the dough, IRS created theGet My Paymenttool where cash-strapped individuals and families can get daily updates on their payment statuses.

When there is any issue over payment, the site issues alerts and details to help people resolve.

The IRS also allows people to create an IRS account, which opens up a substantial amount of details regarding past and present filings and stimulus statuses as well.

Meanwhile, if payment is expected in the form of a paper check or EIP debit card through snail mail, then there’s a nifty tool that the US Postal Office tool calledInformed Delivery.

27th Jun 2021, 23:02By Niamh Cavanagh

CHECKS WILL BE SENT OUT THE 15TH OF EACH MONTH

It’s estimated that 36million payments will be sent out on July 15.

Subsequent checks will be sent out on the 15th of each month - unless the date clashes with a public holiday.

27th Jun 2021, 22:01By Niamh Cavanagh

WHAT TO LOOK FOR IF YOU’RE DUE CASH FROM THE IRS

A letter from the IRS could be confirming that your family qualifies for the monthly child tax credit based on your 2019 or 2020 federal income tax return.

If you did not file, you can still update your information on thenonfilers tooland be eligible.

A second letter from the IRS will confirm your eligibility and estimate how your child tax credit payments will be based on the ages of the children in the family.

The IRS has also launched online portals to help families determine if they are eligible for the child tax credit.