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.
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