It's hard to realize we're only five weeks away from the year's end. We'll have celebrated Christmas by then, and many folks will have received at least one more stimulus check. In many situations, there are several.
A few of the new checks and payments will be unexpected. Others, of course, are already known to us, and their families are anticipating their arrival. On December 15, for example, the sixth and last Child Tax Credit will be available. We'll go through some of what's coming in this post, including the surprises and everything else.
December's stimulus check may be unexpectedly large for certain people. That's because not every Child Tax Credit check will be the same next month, as per BGR via MSN.
New stimulus checks in child Tax Credit
The majority of recipients will get the same amount as the previous five stimulus checks. In other words, a few hundred bucks will be given to each qualifying child. Meanwhile, other families have only recently begun to get these payments. If that's the case, the IRS will send you a type of catch-up payment in December if you signed up by November 15.
Families will receive a lump-sum payment in December for what took them six stimulus checks to obtain. What's more, keep in mind that yours will still only be an advance payment for half of the total Child Tax Credit amount you're qualified for.
The second half will be distributed as a tax credit to everyone next year when they pay their federal income taxes. Meanwhile, many individuals may be unaware of another stimulus benefit that they might take advantage of. The Child and Dependent Care Tax Credit is what it's called.
This is another another significant tax break for working families. In essence, parents will be able to recover up to 50% of their childcare expenditures up to $8,000 in 2021. For a maximum of two children. However, it isn't solely for child-related expenditures. As the name indicates, the costs may be incurred as a result of caring for a spouse, parent, or other dependent who is unable to care for themselves.
"The child and dependent care tax credit is a credit that allows a taxpayer to claim a proportion of job-related costs incurred for the care of qualified individuals to enable the taxpayer to work or seek for work," the Internal Revenue Service said.
You are not alone if you are having trouble paying your rent. The COVID-19 pandemic has impacted thousands of Americans around the country, making it difficult for them to make ends meet and pay their rent.
According to The East County Gazette, there are rental aid programs all around the country that can help you obtain up to $10,000 in rental assistance if you qualify. Treasury has compiled a list of websites related to our grantees' Emergency Rental Assistance (ERA) programs to assist renters and landlords in locating rental assistance in their communities.
You'll be able to search for programs in your region by state, territory, tribe, and tribally designated housing entity. In Texas, for example, the Texas Rent Relief program, which is operated by the Texas Department of Housing and Community Affairs, may be able to help.
The rental aid program's criteria will vary depending on the program, however most will require:
- Financial hardship
- Income requirements
- State residency
Rather of trawling the internet for local help programs, you may go to the Treasury Department's website to look for rental aid in your area.
California citizens who meet the criteria will get a $1,100 stimulus check. Before the end of 2021, around nine million people are expected to receive a state stimulus payment.
Beginning November 29, the next set of checks will be mailed out. The assistance is provided as part of the Golden State Stimulus II program. According to the California Tax Board, paper checks might take up to three weeks to arrive. Your CAAGI (California Adjusted Gross Income) must be between $1 and $75,000 to qualify.
Wages and self-employment income, tips, interest, dividends, rental income, retirement income, and profits on the sale of a property are all examples of income. Those who rely on Social Security as their sole source of income, on the other hand, will not get a payout. By October 15, 2021, eligible residents must have filed their 2020 taxes, as per The Sun.