What more can Treasury and IRS do to get the word out about how eligible individuals can get their payments? According to the Census Bureau and the Federal Reserve, COVID stimulus and advance CTC payments reduced financial hardship and food insufficiency among recipients.Īs stated above, individuals and families can still file a tax return to see if they are eligible to take advantage of these payments and the child tax credit. Generally, checks were directly deposited into the bank accounts IRS had on file for the recipient family. From July to December 2021, eligible families received advance monthly payments of half their total expected CTC, benefiting around 84% of U.S. Millions of families may have already received some expanded CTC payments. Most people with children qualify automatically for the CTC when they file their taxes, but there are some other eligibility requirements, too. citizens with income below $75,000 or married couples with an income below $150,000 were eligible for all three payments and the full amount of each payment.Ĭongress also temporarily expanded the Child Tax Credit (CTC) to include more families and increased the payment amounts. ![]() Congress authorized three rounds of payments that benefited an estimated 165 million eligible Americans. Who can get a COVID-19 stimulus payment or a Child Tax Credit?įrom April 2020 to December 2021, the federal government made direct COVID-19 stimulus payments to individuals totaling $931 billion.
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