New $300 ‘stimulus check’ is headed your way in THREE DAYS – make sure you’re enrolled in child tax credits

NEW $300 stimulus checks will be heading to millions of Americans in three days, so eligible families should make sure they're signed up for child tax credit payments.

Eligible families can expect the fifth installments of the expanded payments to arrive in their bank accounts on Monday.

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After the November 15 payment, parents can expect one final monthly payment in December.

In 2022, families will receive the remainder of their Child Tax Credit benefit as part of their 2021 tax return.

Monthly payments will stop in December unless lawmakers decide to extend the expanded program.

The purpose of the bill - which was signed by Joe Biden in March - is to help families get by and to bring the US economy back to health after Covid.

Before the expansion, most taxpayers had been able to reduce their federal income tax bill by up to $2,000 per child.

However, under the new law, families can get an increased tax break of $3,000 for every child aged six to 17 for the 2021 tax year only.

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While you can get $3,600 for every child under the age of six.

Additionally, those with dependents between the ages of 18 and 24 who are enrolled in college full-time can receive $500 for each.

Half of the credit was sent out in the form of monthly checks of up to $300 for each eligible child under age six, and $250 for each child between six and 17.

The maximum credit is available to taxpayers with a modified adjusted gross income (AGI) of:

• $75,000 or less for singles
• $112,500 or less for heads of household
• $150,000 or less for married couples filing a joint return and qualified widows and widowers

Currently, the future of the expanded Child Tax Credit is unclear.

As lawmakers work to scale back President Biden's infrastructure bill, some are in favor of limiting the expanded tax credit's renewal.

In Biden's initial $3.5trillion proposal, the expanded Child Tax Credit would be renewed through 2025.

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