Child stimulus payments are based on tax returns

by Robin Kemp

If you’re a parent of one kid or more, ages 17 or under, you might notice a different kind of baby bump in your bank account.

The Internal Revenue Service is sending parents stimulus payments meant to ease COVID-19 economic strain.

The checks will come directly from the IRS for the next six months and are meant for parents to help pay for kids’ back-to-school and other childhood necessities. Parents will get up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 to 17.

Payments will arrive on:

  • July 15
  • August 13
  • September 15
  • October 15
  • November 15
  • December 15

For single parents whose 2020 adjusted gross income is below $75,000 and for married couples filing jointly with an AGI under $150,000, the the tax credit covers children age 17 and younger up to $3,000 for the year, with an extra $600 for children under 6. The credit phases out at $95,000 and $170,000.

However, single parents who have custody of their children but whose ex claims them for tax purposes might not see that money, as one pointed out:

IRS Form 8332 allows custodial parents to either release a claim to exemption for a child, or revoke that release. However, you should consult your legal and/or tax advisor to determine what you need to do in your particular situation.

If you haven’t filed your taxes yet, or aren’t registered with the IRS, find out what you need to do to get the child tax credit.

Thank you for your support of local, professional, non-profit news coverage in Clayton County! If you haven’t already done so, please make a recurring monthly, quarterly, annual or one-time gift at the level that’s right for you by visiting https://donorbox.org/clayton-crescent. If you want this service to continue, we need your help. Consider calculating your monthly coffee, fast food, or streaming media expense, then donate that amount each month using your credit or debit card–set it and forget it!–and you can make a big impact on holding your local government accountable. Double your tax-deductible impact through your employer’s matching-gift program and encourage at least two friends to join you in making a donation! We are here to shine a light in dark corners, to follow the money, and to make a difference by equipping you with the tools to keep your community and your democracy running smoothly! Without The Clayton Crescent, massive amounts of local news–and history–would have been lost over the past year. To all those who continue to support The Clayton Crescent, we thank you.