The federal government's stimulus programs during the pandemic have allocated money to families, local governments, and businesses. A number of forms of government assistance remain available despite most qualified households having already received three rounds of direct stimulus aid checks.
Moreover, families could receive a potential "surprise" boost courtesy of a new stimulus payment. As a tax credit, working families that are eligible for a number of requirements could receive a maximum of $8,000.
The fourth stimulus checks could come in one-time stimulus checks or monthly stimulus checks amounting to a maximum of $2,000. As a follow-up to the series of relief payments sent out earlier this year, these options have been proposed, reported Tom's Guide.
After almost four months following the dissemination of the last series of stimulus payments, it is becoming apparent that the financial aid is favored by numerous people. According to surveys, an estimated two-third of United States voters approve of another series of stimulus checks. According to nine in ten, the last three series of direct payments have made a remarkable impact, reported The National Interest.
$11,400 will be granted to a family of four
The Internal Revenue Service has disseminated three series of stimulus checks associated with number of children and household income. Each series provided different qualification requirements and payment amounts. Millions of families were qualified for all three series of payments. The stimulus checks granted a qualified family of four with two children under 17 years old to an amount of $11,400.
The Child and Dependent Care Credit could entitle an individual up to 50% of up to $8,000 of child care and costs of the like for a child under 13 years old, another dependent so that an individual could freely work (a maximum of $16,000 of expenses for two or more dependents), and a spouse or parent who are unable to take care of themselves.
No Support Yet From Congress
Despite the ongoing post-pandemic economic recuperation, there is currently no legislation in Congress backing a fourth stimulus check. This is partly due to the economy displaying signs of improvement.
The IRS is also still developing "plus-up" payments. These are extra money for households that failed to receive all of the amount allocated for them.
For example, this issue would be encountered if a family had one child in 2020. That is because the IRS was disseminating payments before numerous families had filed their 2020 tax returns. The agency evaluated their eligibility based on 2019 tax returns. Such tax returns would not reflect the new birth.
In March, the third series of relief payments started to be disseminated due to the implementation of the COVID-19 relief bill. Since then, an estimated 169 million individuals have received up to $1,400 each, reported CBS Philly.
The amount of the fourth stimulus check is dependent on numerous factors. It will possibly appear similar to the previous checks if implemented. However, this is still not guaranteed.
Related Article : Child Tax Credit: Families to Start Receiving Monthly Checks on July 15
