The rise of social networks in recent years has led to the widespread dissemination of both valuable and false information, especially related to financial matters, such as tax returns and stimulus checks. Given the IRS’s warnings against the spread of false tax advice and tax recommendations, taxpayers must remain vigilant. This article explores the possibility of receiving an $8,700 IRS stimulus check, clearing up fact and fiction while providing important information about eligibility requirements and the details of the check.
What are stimulus checks?
These checks are issued by the government and are intended to boost the economy by providing consumers with additional spending power, especially during a downturn. The idea gained widespread attention during the COVID-19 pandemic, beginning with the CARES Act signed by former President Donald Trump in March 2020. The law provided a one-time, immediate cash transfer to Americans to ease the financial burden of the pandemic.
Are there really $8,700 stimulus checks?
There are rumors of a new stimulus package involving $8,700 in cash payments under the guise of an expanded child tax credit, which President Joe Biden has allegedly accepted. But a closer look at public resources, such as the IRS website, does not confirm the existence of such a plan. The confusion appears to be caused by a misunderstanding or misconception of the current discussions or changes to the current financial aid program.
What does expanding the child tax credit mean?
According to reports from Marca and other media, the stimulus package being discussed is actually an extension of the Child Tax Credit. The program, which will be implemented on June 15, aims to help struggling families by providing $350 monthly installments for each child. These payments can accumulate up to $8,700 over six months. However, the program does not apply to all Americans, and it is specifically targeted at families that meet certain income and tax filing requirements.
Who is eligible for the expanded payments?
Eligibility for the reported enhanced Child Tax Credit payments depends on a variety of factors.
- Based on 2022 tax returns, household income is less than $75,000 for single filers and up to $150,000 for married couples.
- If the child is a U.S. citizen or legal U.S. resident, they can use a valid Social Security number and do not qualify as a dependent on someone else’s tax return.
This suggests that these benefits are intended to help low-income families rather than being a universal benefit.
How are payments issued?
Another media outlet reporting on the matter, Times Now, said the payments will be made monthly via direct deposit starting June 15 and will continue until December of the year. To facilitate the transfer, families are urged to ensure your bank account details are in sync with the IRS. The legality of these schemes is questionable as they have not been officially confirmed by the IRS.
What should I do if I encounter a suspicious claim or payment?
Given the confusion surrounding the so-called $8,700 stimulus payment, the IRS is advising those who are concerned not to rush. The IRS advises:
- Check any unexpected deposits directly through official IRS channels.
- Report any suspicious activity or communications to the government hotline.
A cautious attitude can help you avoid becoming a victim of the fraud that is often associated with these rumors.
in conclusion
The idea of a large stimulus cash flow appeals to many, but current evidence suggests that the $8,700 figure may be part of a story about possible changes to the child tax credit that is false or based on speculation. Taxpayers must stay informed through reliable sources and pay close attention to sensational claims spread through social media. That way, they can protect themselves from false information and make sure they are aware of any financial assistance programs that may be available.
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