The taxman giveth, and he taketh away. No sooner did everyone rejoice that the IRS had delayed this year's federal tax filing deadline from April 15 to May 17 than it became clear this move might also have an unfortunate impact on a new stimulus check that some of you were hoping to receive soon.
The latest stimulus check update we have comes from IRS commissioner Charles Rettig himself, following remarks he made to members of the House Ways and Means Committee during a hearing a few days ago. As a reminder, the $1.9 trillion stimulus legislation that President Biden signed into law in recent weeks -- in addition to funding the new wave of $1,400 stimulus checks that are being distributed now -- made another benefit possible: An expanded child tax care credit. This expanded credit allows parents to claim up to $3,600 for every child under the age of 6 and up to $3,000 for children ages 6 to 17. It's a benefit that was envisioned as being paid out in the form of a monthly check through December (with the first check arriving this summer), with families able to claim the balance of what they're owed in the form of a federal tax credit next year. But Rettig recently told lawmakers wait, time out: He's not at all sure yet when the tax agency can start sending out this new round of benefit checks.
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How to find out if you’ve got another $3,600 in stimulus money coming your way originally appeared on BGR.com on Mon, 29 Mar 2021 at 13:39:57 EDT. Please see our terms for use of feeds.
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