WFCN – The official IRS news has placed a tweet cautioning Americans to file their annual returns carefully to the top of their X profile. They stated, “There are a lot of different types of social media content, including a ton of false tax advice that could endanger you.”
With the steady stream of fake news and never-ending frauds on the internet, it’s more important than ever to exercise caution. People are currently speculating about the IRS stimulus payout of $8,700 that is rumored. What we now know about the situation is as follows:
Stimulus checks: What Are They?
Americans are accustomed to stimulus checks after a rocky few years adjusting to the “new normal” in the wake of the COVID-19 outbreak. They are intended to create economic activity in times of conflict. Consumers can spend more money without worrying about debt or depleting savings because of government bonuses.
President Trump, as he was at the time, signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act/Phase Three) into law in March 2020.
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Consequently, Americans were granted a one-time, direct monetary payment of $1200, plus an additional $500 for each kid. Discussions about an alleged $8700 stimulus payment from the IRS to support economic growth are now going around, but the official website of the government agency indicates that the information being reported by blogs may not be entirely accurate.
What You Must Understand About The Allegedly Increased Child Tax Credit
According to Marca, President Joe Biden apparently approved the stimulus, which is “part of an expanded Child Tax Credit.” It appears that not all Americans qualify for $8700, despite what some people mistakenly think.
Instead, it’s said that POTUS intends to provide struggling families with $350 per child each month (up to $8700) for six months starting on June 15th.
Who Is Purportedly Eligible For An IRS $8700 Stimulus Check?
According to reports, single filers with annual incomes under $75K can continue file as such, while married couples with incomes up to $150K can still do so; the figures are based on tax returns from 2022. If the allegations are accurate, parents may not receive the entire $8700 stimulus cheque from the IRS; nonetheless, even a little monthly payment of $350 can have a significant impact.
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Children who are eligible must appear on the family’s most recent tax return and have a valid Social Security number. They can’t be a dependent of another tax filer and they have to be legitimate foreign nationals or US citizens.
Similar details regarding the increased child tax credit have also been provided by Times Now, another source. They advise readers to visit the IRS website for additional information and mention that direct deposit should be used to make payments to those who have submitted bank account information each month on the 15th from June to December.
We’re not sure if you and your family should check for money later this month because, interestingly, nothing regarding the IRS $8700 stimulus payment is mentioned on their official page.
The government helpline can be reached at 800-829-1040, Monday through Friday, from 7 AM to 7 PM local time, if you would want to verify any unexpected deposits you have received or any strange messages that seem like scams.