As the year 2023 ends, many Americans are still struggling with the economic fallout of the pandemic and the inflation crisis. The federal government has been sending out stimulus payments yearly to help people cope with the financial hardship. But what can you expect to receive in the last week of November?
According to the IRS, three types of stimulus payments will be distributed in the final week of this month:
– The Child Tax Credit (CTC): This is a monthly payment of up to $300 per child under age 6 and $250 per child aged 6 to 17. The American Rescue Plan Act of 2021 expanded and made the CTC advanceable. The fifth payment of the year will be sent out on November 29, either by direct deposit or by mail.
You can check your eligibility and payment status on the IRS website.
– The Earned Income Tax Credit (EITC): This is a refundable tax credit for low- to moderate-income workers and families. The EITC was also enhanced by the American Rescue Plan Act of 2021, increasing the maximum credit amount and expanding the eligibility criteria. The IRS will send out EITC payments to eligible taxpayers who filed their 2022 tax returns by November 22. The payments will be issued by direct deposit or by mail.
– The Recovery Rebate Credit (RRC): This is a one-time payment of up to $1,400 per person and $1,400 per dependent for eligible taxpayers who still need to receive the full amount of the third stimulus check earlier this year. The RRC is claimed on your 2022 tax return and is based on your income and filing status. The IRS will send out RRC payments to eligible taxpayers who filed their 2022 tax returns by November 22. The payments will be issued by direct deposit or by mail.
If you expect to receive any of these stimulus payments, ensure you have updated your bank account information and mailing address with the IRS. You can also track your payment status on the IRS website or by calling the IRS hotline at 800-919-9835.
