Kids Tax Credit and Golden State Money Sent, Find Out Where You Are

 

Kids Tax Credit and Golden State Money Sent, Find Out Where You Are

Last week, new rounds of stimulus money from parts of the stimulus exemption bill were deposited into the accounts of eligible families and California residents. Here's who got what and what to do so you can get the check.

Child Tax Credit - Third Installment Payment

The third round of the monthly payment for the Child Tax Credit was deposited into millions of bank accounts on September 15. The Child Tax Credit is a benefit available to all families regardless of how little money they earn — even if they don't ordinarily file for taxes. Since July, payments have been in the form of $300 per month or $250 per eligible child and will continue through December, amounting to half of the total benefit amount.

For the family eligible for the total benefit amount of $3,600 per child, they will receive a total of $1,800 by the end of December. This means that even if you don't sign up for the credit, there is still plenty of time. You'll get a total of $1,800 per eligible child in just one or two total payments instead of the six families who signed up previously received.

If you request an extension on your 2020 tax return, you may still be eligible to receive child tax credit payments. In the latest press release, the IRS said that those who filed and were processed on or before November 1 might be eligible for the next monthly payment of the Child Tax Credit. To register for the next payment for the Child Tax Credit, you can click here.

California Stimulus Push

In July, Governor Gavin Newsom signed off on the Golden State Stimulus, creating one of the nation's first government stimulus plans. California operates on a progressive tax schedule, which means the more you pay in taxes. That, combined with a frugal budget, left the state in a valuable surplus that Newsom used to fund government stimulus checks, in addition to federal payments cashed this year and last.

Qualified residents will typically receive an additional $600 or $500 depending on income and the number of dependents they claim. Some are alleging dependents who didn't receive the last stimulus could get upwards of $1,100 in their next check, essentially completing an entirely new stimulus payment like the one sent by the federal government.

The second round of payments ended last week, with an estimated two million checks sent. Each payment round seems to increase checks awareness, with the first round seeing 650,000 people receive payments and the second over 2 million people. There is still time to sign up for these government payments - click here.