$8700 Stimulus Checks 2024 Coming? Know Eligibility, Payment Dates & Claim Status - Sass News (2024)

In 2024, the federal government may soon launch an extension to the existing Child Tax Credit program as a part to help families with kids. Unlike one-time stimulus checks, this plan will provide families totalling up to $8700 stimulus checks 2024 in six months. The goal is to help families cover their regular expenses. This is a part of a bigger plan to boost spending and help families in need. As families get ready for this financial help, many people have questions about who could get the money and how it would be given out. This guide will provide you with all the details about this financial help plan.

What is $8700 stimulus checks 2024?

• In 2024, the government proposed a financial aid plan to help families and individuals. This plan, known as the $8700 stimulus checks 2024, is part of a larger effort to boost the economy and help people dealing with financial challenges even after the pandemic. If approved, eligible Americans would get a one-time payment of $8,700 in instalments. This money is meant to increase spending, help families, and stabilize the economy. The details of who could get the money and how it would be given out have been widely discussed over the income range.
• The $8700 stimulus checks 2024 are a structured monthly payment of up to $360 per child, adding up to approximately the maximum amount of $8,700 over six months as per number of children. This plan is designed to give families regular support to handle their expenses. It’s important to note that there are no plans for more federal stimulus checks. Instead, as the focus was on economic recovery, so depending on where you lived, you might even get extra money through rebates or tax credits. Basically, the program $8,700 stimulus checks are being considered as an extended version of the Child Tax Credit, aimed at helping low-income families with children.

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$8700 stimulus checks 2024 Quick Details

Eligibility Criteria for $8700 stimulus checks

Although in the primary level talks to implement $8700 stimulus checks 2024, following can be the expected eligibility criteria:

• Dependents: You need to have children claimed as dependents on your 2022 tax return. Each child must have a valid Social Security number.
• Income: Your Adjusted Gross Income (AGI) from your 2022 tax return determines your eligibility and the amount you receive. For single filers, full benefits are available if AGI is up to $75,000. For married couples filing jointly, the limit is $150,000. If AGI exceeds $198,000, the benefit is halved.
• Residency: You must be a U.S. citizen or a resident alien.
• Dependency Status: You can’t be claimed as a dependent on someone else’s tax return.

Remember, these are general guidelines and individual situations may vary. Consult a financial advisor or tax professional for personalized advice.

$8700 stimulus checks 2024 Payment Dates

The proposed $8700 stimulus checks 2024, termed to be a part of the expanded Child Tax Credit (CTC) program in 2024, have a specific payment mode and schedule. The Internal Revenue Service (IRS) oversees verifying eligibility and distributing the benefits. If you’ve provided your bank details on your recent tax returns, the IRS will prioritize direct deposit for these monthly payments. If not, then the IRS may send paper checks at your registered resident address.

The first payment is expected to be made on June 15, 2024, with further instalments issued around the 15th of each month until December 15, 2024.

How to claim and check status for $8700 stimulus checks 2024?

• The $8700 stimulus checks 2024 will be automatically sent to those who meet the eligibility criteria, such as having dependents on your 2022 tax return and meeting income thresholds. You don’t typically need to “claim” these checks. If you’re eligible, the payments should be based on the information on your tax return. To file a tax return, you may refer to IRS’s website and get Form 1040 or 1040-SR.
• To track your payments, you can use the IRS website, which has a dedicated section for the CTC program in 2024. If you opted for direct deposit on your tax return, your bank statements or online banking platform should reflect the payments once they arrive. If you believe you’re eligible but haven’t received the first payment by mid-June, contact the IRS for clarification.
• If you haven’t provided your bank details on your tax return, the IRS might send a paper check. The program is still under consideration and not yet officially confirmed, so the exact process for checking payment status might change.

Fact checks on $8700 stimulus checks 2024

Currently, there’s no confirmation on the $8700 stimulus checks 2024. The IRS, having issued all Economic Impact Payments, isn’t expected to issue these checks until the law passes. Most eligible people have received their stimulus payments and won’t claim a Recovery Rebate Credit. The first payment of this proposed payment is scheduled for June 15, 2024, with further instalments around the 15th of each month until December. It is advised to monitor the IRS website and USA.gov for updates and consult a financial advisor for personalized advice.