The year is ending and lawmakers have yet to approve a fourth stimulus check. However, there is some good news. Eligible Americans can look forward to the $8,000 Child and Dependent Tax Credit. They should also watch out for the $2,000 online petition that is nearing completion.
Earlier this month, the Internal Revenue Service (IRS) officially distributed the sixth round of direct payments for the expanded Child Tax Credit. This serves as the final batch for the program, which worries a lot of families who are reliant on the financial aid.
Fortunately, there are other available programs that can credit a few hundred dollars to eligible Americans. These are the Child and Dependent Tax Credit and the fourth stimulus check petition.
Fourth Stimulus Check Update: Child and Dependent Care Credit
Unlike the stimulus payments, which are automatically credited to a taxpayer's account, Americans have to apply for the Child and Dependent Tax Credit to receive the payment. This is a program that could provide financial support worth up to $8,000 in 2022.
Note, however, that there are eligibility requirements for the program. An applicant must have:
- An adjusted gross income of less than $125,000.
- At least two children not older than 13 years of age.
It should be emphasized that the Child and Dependent Tax Credit is financial aid with the purpose to assist families in providing care and support for their children. It should only be used to cover expenses like babysitters, transportation, housekeepers, day camps or daycare and school bills.
Americans who are interested in the programs should submit Form 2441 to the IRS. More details about the program can be found on this website.
Fourth Stimulus Check Online Petition
Although the child care programs are a huge boost to the economy, some Americans are still requesting for a fourth stimulus check. They emphasize that this financial aid is crucial to fight against economic inflation due to the pandemic.
Stephanie Bonin explained these problems in her online petition for $2,000 monthly payments for the duration of the pandemic. She said "Our country is still deeply struggling. The recovery hasn't reached many Americans - the true unemployment rate for low-wage workers is estimated at over 20% and many people face large debts from last year for things like utilities, rent, and child care."
Bonin emphasized that recurring and reliable payments are necessary for Americans. A program like this can help cut their expenses and even provide a budget for groceries and other necessities.
Many others supported Bonin's online petition. At the time of writing, it has already reached 2,993,589 signatures out of its 3 million goal. The petition is less than 7,000 signatures away from completion!
Unfortunately, Congress and lawmakers have yet to acknowledge this online petition. It is hard to determine whether this petition would be enough to convince them to approve another stimulus program. Supporters are advised to watch out for updates in the coming days.
Related Article: Fourth Stimulus Check Tracker: Up to $3000 Payments for Students Distributed, $1000 Each for Connecticut Residents
