The buzz around the IRS $8700 Stimulus Check has been growing, with many Americans seeking clarity on what it entails and who qualifies.
Contents
This article aims to provide comprehensive information on the stimulus check, debunk myths, and guide you through understanding the eligibility criteria.
What is the IRS $8700 Stimulus Check?
- Myth vs. Reality: Contrary to popular belief, the IRS is not issuing a blanket $8700 stimulus check.
- The Truth About the Child Tax Credit: The $8700 figure relates to an expanded Child Tax Credit program, which could amount to $8700 over a period for eligible families.
Eligibility Criteria
- Income Thresholds: Single filers earning under $75K and married couples earning up to $150K based on 2022 tax returns may qualify.
- Dependent Requirements: Children must have a valid Social Security Number and be listed on the family’s most recent tax return.
How to Claim the Stimulus Check
- Filing for Child Tax Credit: Eligible families can claim the credit through their tax returns.
- Direct Deposit: Payments are issued via direct deposit for those who have filed their bank account information.
Common Misconceptions
- $8700 Lump Sum: The payment is not a one-time lump sum but rather a series of monthly payments that could total up to $8700.
- Universal Eligibility: Not every American is eligible for the full amount; it is based on income and dependent criteria.
Steps to Ensure You Receive Your Payment
- Verify Eligibility: Check the latest guidelines on the IRS website.
- Update Information: Ensure your tax returns and bank details are up-to-date.
- Beware of Scams: Stay vigilant against misleading information and scams.
FAQs
- When will the payments start? Payments are expected to begin on June 15th and continue monthly.
- What if I don’t receive my payment? Consult the IRS website or contact a tax professional for assistance.
