Stimulus Update: Child Tax Credit & Golden State Money Was Sent Out, Find Out Where Yours Is
Last week new rounds of stimulus money from parts of the stimulus relief bill were deposited into accounts of eligible families and residents of California. Here’s who got what and what to do so you can get your check.
Child Tax Credit — Third Installment Payment
The third round of the advance monthly payment for the child tax credit was deposited into millions of bank accounts on Sept. 15. The child tax credit is a benefit available to all families regardless of how little money they make – even if they do not ordinarily file taxes. Since July, payments have been coming in the form of monthly $300 or $250 per eligible child and will continue through December amounting to half of the total benefit amount.
For a family eligible for the full benefit amount of $3,600 per child, they will receive a total of $1,800 by the end of December. This means even if you have not yet signed up for the credit, there is still time. You will receive the full $1,800 per eligible child, just in one or two full payments instead of the six that families who signed up earlier are receiving.
If you requested to file an extension on your 2020 tax return, you still might be eligible to receive child tax credit payment money. In the most recent press release, the IRS stated that those who file and have their 2020 return processed on or before Nov. 1 may be eligible for the next two monthly advance payments for the child tax credit. These payments would amount to half of the total benefit to be received, depending on the number of eligible dependents you have.
In order to register for the next child tax credit installment payment, you can click here.
California State Stimulus Payment
Gov. Gavin Newsom signed the Golden State Stimulus in July, creating one of the nation’s first state stimulus plans. California operates under a progressive tax schedule, meaning the more you make the more you pay in taxes. This, in conjunction with thrifty budgeting, left the state in an advantageous surplus that Newsom has used to fund the state stimulus checks, which are in addition to the federal payments that went out this year and last.
Qualifying residents will typically receive an extra $600 or $500 depending on income and how many dependents they claim. Some who do claim dependents and did not receive the last stimulus may get upwards of $1,100 in their next check, essentially supplementing an entire new stimulus payment like the ones the federal government has sent out.
The second round of payments went out last week, with an estimated 2 million checks sent out. Each round of payments seems to be raising awareness for the checks, as the first round saw 650,000 people receive payments and the second over 2 million. There is still time to sign up for these state payments — just click here.
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