Checks from the third stimulus are being distributed now. The program has proven to be really popular with the public. Nevertheless, the third stimulus is probably the last one.
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Still, if you want to know more about a fourth stimulus check, we have some answers.
Q: Will there be a fourth stimulus?
A: The fourth stimulus will be in the form of President Joe Biden’s American Jobs Plan, an infrastructure plan. The initial bill includes funding for different projects all over the country, which will create work and benefit local communities. It also includes some worker protection language. The final bill may be very different.
Q: Does the new stimulus include a check?
Q: Why won’t there be a fourth stimulus check?
A: In large part, because the economic damage from the pandemic is easing. People are getting vaccinated and offices are reopening.
See: Over Half of Americans Need $1,400 Stimulus to Pay Basic Expenses
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Q: What about this $3,600 per child? Isn’t that a stimulus check?
A: Sort of. The $3,600 is an expansion of the Child Tax Credit for children age 5 and under. For children ages 6 to 17, the amount will be $3,000 per child. This is instead of the $2,000-per-child tax credit for 2020.The stimulus bill increased the amount of the credit, and it changed the distribution from a credit taken at tax time to periodic checks. The IRS is still working out the details, but the current thought is that families would receive a payment of $250 to $300 per month per child, depending on the children’s ages.
Q: What is the Child Tax Credit income cutoff?
A: As with so much tax related, it’s complicated. The current $2,000-per-child tax credit is phased out for joint filers with an adjusted gross income of $400,000 or more and for other taxpayers with an AGI of $200,000 or more. This will remain the case. The additional $1,000 or $1,600 from the new credit will be phased out at a lower income level: $150,000 for joint filers; $112,500 for head-of-household filers; and $75,000 for other filers.
Q: How will I update the IRS on changes in income or family size?
A: The IRS will set up a new taxpayer portal in July that will make it easy to notify the agency of any changes.
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This article originally appeared on GOBankingRates.com: Will There Be a Fourth Stimulus Check? How Much Will It Be? All Your Questions Answered
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