In 2024, there might be an extension to the Child Tax Credit program to help families with children. This plan could give families up to $8700 in stimulus checks over six months, instead of a one-time payment.
The aim is to help families with their regular costs. This is part of a larger plan to increase spending and support families in need. Many people are wondering who will get the money and how it will be distributed. This guide will give you all the information you need about this financial aid plan.
What is $8700 stimulus checks 2024?
In 2024, the government might roll out a plan called the $8700 stimulus checks. This could provide eligible Americans with a one-time payment of $8,700 in installments. The plan is part of a larger effort to boost the economy and help families.
The payments would be up to $360 per child each month for six months. This is seen as an extension of the Child Tax Credit to help low-income families with children. No more federal stimulus checks are planned at this time.
| Name | $8700 Stimulus Checks 2024 |
| Origin | USA |
| Regulator | IRS |
| Year | 2024 |
| Type | Financial Aid |
| Age Requirement | 19+ years |
| Payment Amount | $8,700 (max for 6 months), ~$360/month per child |
| Payment Method | Online (direct deposit), Offline (paper checks) |
| Payment Frequency | Monthly (expected) |
| Start Month | June 15, 2024 (expected) |
| Payment Week | Last week of June 2024 |
| Website | IRS Website |
$8700 stimulus checks Eligibility Criteria:
- Dependents: You should have children listed as dependents on your 2022 tax return. Each child needs a valid Social Security number.
- Income: Your eligibility and the amount you get is based on your Adjusted Gross Income (AGI) from your 2022 tax return. Full benefits are available for single filers with an AGI up to $75,000 and for married couples filing jointly with an AGI up to $150,000. If AGI is more than $198,000, the benefit is reduced by half.
- Residency: You need to be a U.S. citizen or a resident alien.
- Dependency Status: You can’t be listed as a dependent on someone else’s tax return.
These are just general rules and individual situations might be different. Always talk to a financial advisor or tax professional for advice to your situation.
Expected Payment Dates for $8700 stimulus checks 2024:
The $8700 stimulus checks 2024, part of the expanded Child Tax Credit program, have a set payment method and schedule. The IRS is in charge of checking eligibility and sending out the payments. If you’ve given your bank details on your latest tax returns, the IRS will use direct deposit for these monthly payments. If not, they might send paper checks to your home address.
The first payment is likely to be on June 15, 2024, with more payments around the 15th of each month until December 15, 2024.
Claiming and Tracking the $8700 Stimulus Checks 2024:
In 2024, people who qualify will get $8700 checks without needing to do anything extra. If you have kids and earn under a certain amount, you’re likely eligible. The government will use your 2022 tax info to send the money.
You can check if the money’s been sent by looking at the IRS website or your bank account if you’ve set up direct deposit. If you’re expecting the money but haven’t gotten it by mid-June, just give the IRS a call.
If the IRS doesn’t have your bank info, they might mail you a check instead. Keep in mind, this plan isn’t final yet, so the details could change.
The Reality of $8700 Stimulus Checks from the IRS in 2024:
There’s no official word on $8700 stimulus checks for 2024. The IRS has sent out all the stimulus payments they were supposed to, and they won’t send any new ones unless the rules change. Most people who were supposed to get money have already gotten it. If this new payment plan kicks off, they’re aiming to start sending money on June 15, 2024, and then once a month until December 2024. Keep an eye on the IRS and USA.gov for updates.